A report states that the mean yearly salary offer for studen

A report states that the mean yearly salary offer for students graduating with a degree in accounting is $48,759. Suppose that a random sample of 50 accounting graduates at a large university who received job offers resulted in a mean offer of $49,840 and a standard deviation of $3800. Do the sample data provide strong support for the claim that the mean salary offer for accounting graduates of this university is higher than the national average of $48,759? Test the relevant hypotheses using = 0.05. (Use a statistical computer package to calculate the P-value. Round your test statistic to two decimal places and your P-value to three decimal places.) t= ? P-value=?

Solution

Set Up Hypothesis
Null, H0: U=48759
Alternate, H1: U>48759
Test Statistic
Population Mean(U)=48759
Sample X(Mean)=49840
Standard Deviation(S.D)=3800
Number (n)=50
we use Test Statistic (t) = x-U/(s.d/Sqrt(n))
to =49840-48759/(3800/Sqrt(50))
to =2.012
| to | =2.012
Critical Value
The Value of |t | with n-1 = 49 d.f is 1.677
We got |to| =2.012 & | t | =1.677
Make Decision
Hence Value of | to | > | t | and Here we Reject Ho
P-Value :Right Tail - Ha : ( P > 2.0115 ) = 0.02489
Hence Value of P0.05 > 0.02489,Here we Reject Ho

we claim that the mean salary offer for accounting graduates of this university
is higher than the national average of $48,759