Question: 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