t-Test for two means assuming equal population variances Starting annual salaries for individuals entering the public accounting and financial planning professions were presented in a sample of 15 public accountants and 14 financial planners. Data are in thousands of dollars. Using a 0.10 level of significance, test to see whether the mean starting salary for the Financial Planner (u2) is higher than the mean starting salary of Public Accountants (u1). Assume salary has a normal distribution.
Public Accountant Financial Planner
39.6 40.6
34.6 41.2
33.5 38.9
43.0 35.2
32.1 39.9
39.2 34.4
37.3 36.4
45.5 40.5
37.0 37.9
35.1 48.8
37.6 45.9
31.9 39.9
34.9 45.8
38.0 50.0
34.5
t-test for Means:
H0: µ1 - µ2
Ha: µ1 - µ2
Alpha =
p-value =
Conclusion:
Is a "t-test assuming equal variances" appropriate for this problem?
(1) State the null and the alternative hypotheses, H0 and Ha and the value of alpha.
(2) Run procedure “t-Test: Two-Sample Assuming Equal Variances” in worksheet “t-test”. Check “Labels” so that you can select “Public Accountant” and “Financial Planner” as the labels in output. Put the output right below the cell “Excel Output”.
(3) Read output. You need only one p-value to make your decision. There are two p-values in output. “P(T<=t) one-tail” gives you the p-value for a one-tailed test while “P(T<=t) two-tail” gives you the p-value for a two-tailed test.
(4) Conclusion. Choose the p-value for your test and type it in. Make your conclusion based on the p-value you choose. Type in either Reject H0 or FTR H0 for conclusion.