Starting annual salaries for business school graduates majoring in finance and management information systems (MIS) were collected in two independent random samples summarized below. Based on previous studies, the population standard deviations for Finance and MIS salaries are estimated to be $2,100 and $2,600, respectively.Finance MIS
n₁ = 60 n₂ = 50 $Starting annual salaries for business school graduates majoring in finance and management information systems (MIS) were collected in two independent random samples summarized below. Based on previous studies, the population standard deviations for Finance and MIS salaries are estimated to be $2,100 and $2,600, respectively.Finance MIS n1 = 60 n2 = 50 = $43,200 = $46,500 a. Develop a 95% confidence interval estimate of the difference between the starting salaries for the two majors. b. Using \alpha = .10, test to determine if the average starting salary for an MIS graduate is $4,000 more than the starting salary for a finance graduate. Use both the critical value and p-value approaches to hypothesis testing. (Hint: the null hypothesis is H0: \mu 1 - \mu 2 = $4,000, where \mu 1 is the average starting salary of MIS graduates.)$ = $43,200 $Starting annual salaries for business school graduates majoring in finance and management information systems (MIS) were collected in two independent random samples summarized below. Based on previous studies, the population standard deviations for Finance and MIS salaries are estimated to be $2,100 and $2,600, respectively.Finance MIS n1 = 60 n2 = 50 = $43,200 = $46,500 a. Develop a 95% confidence interval estimate of the difference between the starting salaries for the two majors. b. Using \alpha = .10, test to determine if the average starting salary for an MIS graduate is $4,000 more than the starting salary for a finance graduate. Use both the critical value and p-value approaches to hypothesis testing. (Hint: the null hypothesis is H0: \mu 1 - \mu 2 = $4,000, where \mu 1 is the average starting salary of MIS graduates.)$ = $46,500
a. Develop a 95% confidence interval estimate of the difference between the starting salaries for the two majors.
b. Using

\alpha

= .10, test to determine if the average starting salary for an MIS graduate is $4,000 more than the starting salary for a finance graduate. Use both the critical value and p-value approaches to hypothesis testing. (Hint: the null hypothesis is H₀:

\mu

₁ -

\mu

₂ = $4,000, where

\mu

₁ is the average starting salary of MIS graduates.)

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