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

Question

Quizplus · Accepted Answer

The sample test statistic is calculated using the formula $z = \frac{\bar{x} - \mu}{(\sigma/\sqrt{n})}$, where $\bar{x}$ is the sample mean, $\mu$ is the population mean, $\sigma$ is the population standard deviation, and $n$ is the sample size. Plugging in the given values: $z = \frac{62000 - 50000}{(10000/\sqrt{36})} = \frac{12000}{1666.67} = 7.2$.

The Dean of a Business School Claims That the Average