Statistics Solutions

[Solution] The median annual income for college graduates with a bachelor’s degree is $37K. Data (in thousands of dollars) for a sample of college graduates

Question: The median annual income for college graduates with a bachelor’s degree is $37K. Data (in thousands of dollars) for a sample of college graduates with a bachelor’s degree working in the Chicago area shown. Us e the sample data to test Ho 37.7 and Ha: median is greater than 37.7 for the population of college graduates with a bachelor’s degree working in the Chicago area. Use a .05 level of significance. What is your conclusion?

47.8 41.7 31.4 56.9 55.2
47.2 42.6 105.3 38.8 30
55.5 127.8 73.7 25.2 68.4
41.2 45.7 37.7 30.4 91.1
21.3 42.4 61.2 23.8 34.1
42.4 25 43.2 36.2 76.7
51.9 25.3 39.3 65 38
32.8 24.4 69 25.1 48.7
30.2 60.6 43.4 34.9 37.7
38.5 31.1 91 23.6 56.1

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