That the hypothesis that no increase in average salary

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Reference no: EM13470670

The dollar value of a college education is often measured by comparing the average annual pay for workers who were graduated from college to pay earned by those who never attended college after receiving a high school diploma. Data from the Census Bureau shows average earnings in 1996 of male workers who earned a bachelor's degree was $53,102 and that of male high school graduates with no college experience was $34.034. Suppose a random sample of 150 male college graduates with bachelor's degrees was taken in 1998 to check for possible salary increase and the sample mean was $53,500. That the hypothesis that no increase in average salary occurred during the 2-year period at the 0.05 level of significance. Assume σ = $3900. Use the four step process for Hypothesis Testing.

Reference no: EM13470670

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