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The average salary for American college graduates is $42,900.You suspect that the average is less for graduates from yourcollege. The 49 randomly selected graduates from your college hadan average salary of $38,173 and a standard deviation of $10,190.What can be concluded at the ?? = 0.01 level of significance?

1. For this study, we should use Select an answert-test for apopulation meanz-test for a population proportion
2. The null and alternative hypotheses would be:

H0:H0:   ?p? ?=?><   

H1:H1:   ?p? ?>

3. The test statistic ?tz = (please show your answer to 3 decimalplaces.)
4. The p-value = (Please show your answer to 4 decimalplaces.)
5. The p-value is ?>? ??
6. Based on this, we should Select an answeracceptfail torejectreject the null hypothesis.
7. Thus, the final conclusion is that ...
   • The data suggest that the populaton mean issignificantly less than 42,900 at ?? = 0.01, sothere is statistically significant evidence to conclude that thepopulation mean salary for graduates from your college is less than42,900.
   • The data suggest that the population mean is notsignificantly less than 42,900 at ?? = 0.01, sothere is statistically insignificant evidence to conclude that thepopulation mean salary for graduates from your college is less than42,900.
   • The data suggest that the sample mean is notsignificantly less than 42,900 at ?? = 0.01, sothere is statistically insignificant evidence to conclude that thesample mean salary for graduates from your college is less than38,173.
8. Interpret the p-value in the context of the study.
   • If the population mean salary for graduates from your collegeis $42,900 and if another 49 graduates from your college aresurveyed then there would be a 0.10651237% chance that thepopulation mean salary for graduates from your college would beless than $42,900.
   • There is a 0.10651237% chance that the population mean salaryfor graduates from your college is less than $42,900.
   • If the population mean salary for graduates from your collegeis $42,900 and if another 49 graduates from your college aresurveyed then there would be a 0.10651237% chance that the samplemean for these 49 graduates from your college would be less than$38,173.
   • There is a 0.10651237% chance of a Type I error.
9. Interpret the level of significance in the context of thestudy.
   • There is a 1% chance that your won't graduate, so what's thepoint?
   • There is a 1% chance that the population mean salary forgraduates from your college is less than $42,900.
   • If the population mean salary for graduates from your collegeis $42,900 and if another 49 graduates from your college aresurveyed then there would be a 1% chance that we would end upfalsely concluding that the population mean salary for graduatesfrom your college is less than $42,900.
   • If the population population mean salary for graduates fromyour college is less than $42,900 and if another 49 graduates fromyour college are surveyed then there would be a 1% chance that wewould end up falsely concluding that the population mean salary forgraduates from your college is equal to $42,900.