Three Universities in Your State Decided to Administer the Same

question 14

Essay

Three universities in your state decided to administer the same comprehensive examination to the recipients of MBA degrees from the three institutions. From each institution, MBA recipients were randomly selected and were given the test. The following table shows the scores of the students from each university.
$$\begin{array} { c c c } \text { Northern } & \text { Central } & \text { Southern } \\\text { Univarsity } & \text { University } & \text { University } \\75 & 85 & 80 \\80 & 89 & 81 \\84 & 86 & 84 \\85 & 88 & 79 \\81 & & 83\\&&85\end{array}$$ At α = 0.01, test to see if there is any significant difference in the average scores of the students from the three universities. Note that the sample sizes are not equal.) Use both the critical and p-value approaches.

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Definitions:

Contractual Interest Rate

The interest rate stated on the face of a loan or bond agreement, which represents the percentage of interest that the borrower must pay to the lender.

Premium

The amount paid for an insurance policy or the amount by which a bond or stock sells above its face value.

Discount

A reduction from the usual cost of something, often used to encourage prompt payment or increase sales.

Market Interest Rate

The prevailing rate of interest that borrowers and lenders can expect to transact at in the broader financial market, influenced by supply and demand.