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What are the null and alternate hypotheses

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Reference no: EM132464100

Problem: The dean of the College of Business at the University has observed for several years and found that the probability distribution of the salary of the alumni's first job after graduation is normal. The college collected information from 121 alumni and finds that the mean of their salary is $60k. Assuming a 95% confidence level, please do the following. Please provide a detail explanation.

1. Suppose the standard deviation of the collected data from 121 alumni is $2k. Can we conclude that the true mean of alumni salary is different from $56k?

  1. What are the null and alternate hypotheses?
  2. Decide on the test statistic and calculate the value of the test statistic.
  3. Please make the conclusion.

Reference no: EM132464100

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