What is the margin of error

Assignment Help Basic Statistics

Reference no: EM1385826

A university is comparing the hourly wages of students who completed a Master's Degree to students who only completed a Bachelor's Degree. Of the students surveyed, 72 had a Master's degree and 74 had a Bachelor's Degree only. The average hourly rate for those with a Master's was $45.496 (SD = $3.693). Among the graduates with a Bachelor's degree, the average hourly rate was $29.237 (SD = $7.194). If a 99% confidence interval is calculated to estimate the difference between the average hourly rates for each type of graduate, what is the margin of error? Assume both population standard deviations are equal.

1) 2.61

2) 0.95

3) 2.235

4) 2.447

5) 2.479

Reference no: EM1385826

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