The Following Data Shows Annual Income, in Thousands of Dollars

question 12

Essay

The following data shows annual income, in thousands of dollars, categorized according to the two factors of gender and level of education. Assume that incomes are not affected by an interaction between gender and level of education, and test the null hypothesis that level of education has no effect on income. Use a 0.05 significance level.
$\begin{array} { l c c } & \text { Female } & \text { Male } \\\text { High school } & 23,27,24,26 & 25,26,22,24 \\\text { College } & 28,36,31,33 & 35,32,39,28 \\\text { Advanced degree } & 41,38,43,49 & 35,50,47,44\end{array}$

---

Definitions:

Invested

The act of allocating resources, usually money, with the expectation of generating an income or profit.

Compounded Monthly

Refers to the process where interest is calculated and added to the principal balance on a monthly basis, leading to interest on interest.

Future Value

The future date value of an asset or cash that matches a given sum today.

Equal Amount

A quantity that is the same in value, size, or measure as another.