The dean of a business school claims that the average starting salary of its graduates is more than $50,000. It is known that the population standard deviation is $10,000. Sample data on the starting salaries of 36 randomly selected recent graduates yielded a mean of $62,000. What is the value of the sample test statistic?
A) z = 7.2
B) t = 5.04
C) z = 2.7
D) z = 5.6
E) None of these statements are true

Question

Quizplus · Accepted Answer

The sample test statistic is calculated as (x̄ - μ) / (σ / √n), where x̄ is the sample mean, μ is the population mean, σ is the population standard deviation, and n is the sample size. In this case, x̄ = $62,000, μ = $50,000, σ = $10,000, and n = 36. Plugging these values into the formula, we get (62000 - 50000) / (10000 / √36) = 7.2. Therefore, the value of the sample test statistic is 7.2.

The Dean of a Business School Claims That the Average