- The Known Standard Deviation In Salary For All Mid Level Professionals In The Financial Industry Is 11 000 Company A A 1 (76.21 KiB) Viewed 42 times
sample size company B: 45
The known standard deviation in salary for all mid-level professionals in the financial industry is $11,000. Company A and Company B are in the financial industry. Suppose samples are taken of mid-level professionals from Company A and from Company B. The sample mean salary for mid-level professionals in Company A is $80,000. The sample mean salary for mid-level professionals in Company B is $96,000. Company A and Company B management want to know if their midlevel professionals are paid differently, on average. a. Write a null and alternate hypothesis in both words and symbols to test the claim. b. Find a 95% confidence interval to test your hypothesis. Show the calculation you used to find the upper and lower bounds of the confidence interval and the final interval. Round all decimal values to 3 decimal places. c. Write a conclusion summarizing your findings. In your summary explain how you used the confidence interval to reject the null hypothesis or fail to reject the null hypothesis. d. Find the p-value (or significance level) associated with the difference of means, rounded to 3 decimal places. Include the Excel ENORM.DIST code you used. Round Inputs into =NORM.DIST to 3 decimal places. NOTE: you may need to use the norm\dist output or if you may need to use its complement. e. Write a conclusion summarizing your findings. In your summary, explain how you used the p-value to reject or fail to reject the null hypothesis. Round all values to 3 decimal places.