Assignment:
For a sample of 48 finance majors, the average time spent reading each issue of the campus newspaper is 19.7 minutes, with a standard deviation of 7.3 minutes. The corresponding figures for a sample of 40 MIS majors are 16.3 and 4.1 minutes. Using the 0.01 level of significance, test the null hypothesis that the population means are equal. Using the appropriate statistical table, what is the approximate p-value for this test? Construct and interpret the 99% confidence interval for the difference between the population means.
Provide complete and step by step solution for the question and show calculations and use formulas.