Homework SourseA recent study focused on the amount of money single men and
A recent study focused on the amount of money single men and women save monthly. The information is summarized below. Assume that the population standard deviations are equal.
At the 0.06 significance level, do women save more money than men? What is the value of the critical value for this hypothesis test?
| Sample Size | Sample Mean | Population Standard Deviation | |
| Men | 45 | 452 | 88 |
| Women | 54 | 541 | 79 |
Solution
The degree of freedom =n1+n2-2=45+54-2 =97
It is a right-tailed test.
Given a=0.06, the critical value is t(0.06, df=97) =1.56859 (from student t table)
Answer: 1.569
