Question

49 Samples of starting annual salaries for individuals entering the public accounting and financial planning professions follow. Annual salaries are shown in thousands of dollars. Use Table 1 of Appendix B. Public Accountant Financial Planner 50.2 58.8 49.2 53.1 55.9 51.9 53.6 50.9 49.7 59.5 53.9 51.5 51.9 48.9 a. Use a .05 level of significance and test the hypothesis that there is no difference between the starting annual salaries of public accountants and financial planners. What is the mean and standard deviation of the normal distribution that can be used for this statistical test (to 2 decimals if necessary)? Mean in thousands 57 Standard deviation $ in thousands What is the sum of the ranks for public accountants (to 1 decimal)? b. What is the value of the test statistic (to 2 decimals) What is the p-value for the hypothesis test (to 4 decimals)? Using a = .05, what is your conclusion? Select c. What are the sample median annual salaries for the two professions (to 2 decimals)? Public Accountant Median $ in thousands Financial Planner Median $ in thousands

Answer 1

a) Mean=0

SD=1.31

Sum of ranks=55

b) value of test statistic=2.73

p value= 0.0063

Conclusion: reject the null hypothesis

c) Public account median=55.95

Financial planner median= 51.7