Question 6
A survey of newly graduated accounting and marketing students were studied. A random sample of 40 new accountants and a random sample of 50 new marketing executives were selected in Singapore. Accountants have a mean of $3500 per month and marketing executives have a mean of $3200. The population standard deviation of accountants and marketing executives are $500 and $450 per month respectively.
(a) Apply a suitable hypothesis test with α = 0.05 to determine if there a difference between the monthly salaries of the accountants and marketing executives.
(b) Is the difference of $300 between accountants and marketing executives due to chance?
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