Question

According to the National Association of Colleges and Employers, the mean salary for a new college graduate is $45,327. A small college wants to know if the mean salary of their most recent graduates is greater than $45,327. A random sample of 10 recent graduates from the small college was selected and the mean and standard deviation of the salary for those graduates was found. With all conditions for inference met, a significance test was conducted and a p-value of 0.045 was obtained. Which of the following statements is the most appropriate conclusion using a significance level of a = 0.05?​

Answer 1

There is convincing statistical evidence that the mean salary for all recent college graduates from the small college is greater than $45,327.

Explanation:

Because the p-value of 0.045 < α = 0.05 we have convincing statistical evidence that the mean salary for all recent college graduates from the small college is greater than $45,327.