Question:

For this exercise, perform these steps. Assume that all variables are normally and approximately distributed.

- State the hypotheses and identify the claim

- Find the critical value(s)

- Compute the test value

- Make the decision

- Summarize the results

Average Earnings of College Graduates The average yearly earnings of male college graduates (with at least a bachelor’s degree) are $58,500 for men aged 25 to 34. The average yearly earnings of female college graduates with the same qualifications are $49,339. Based on the results below can it be concluded that there is a difference in mean earnings between male and female college graduates? Use the 0.01 level of significance.

Male Female

Sample mean $59,235 $52,487

Population standard deviation 8,945 10,125

Sample size 40 35

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