Two Independent Random Samples of Annual Starting Salaries for Individuals

question 91

Short Answer

Two independent random samples of annual starting salaries for individuals with masters and bachelors degrees in business were taken and the results are shown below
a.What are the degrees of freedom for the t distribution?
b.Provide a 95% confidence interval estimate for the difference between the salaries of the two groups.

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Definitions:

Confidence Interval

A range of values derived from sample data that is likely to contain the true value of an unknown population parameter.

Population Means

The average of a set of characteristics or measurements for an entire population.

Alternative Hypothesis

A hypothesis that is adopted when there is sufficient evidence to reject the null hypothesis, often denoted H1.

Population Proportion

The ratio or fraction of members in a population that have a particular characteristic, often denoted by P.