A university is comparing the hourly wages of students of their university who c

Question

A university is comparing the hourly wages of students of their university who completed a Master's Degree to students who only completed a Bachelor's Degree. Of the students surveyed, 61 had a Master's degree and 80 had a Bachelor's Degree only. The average hourly rate for those with a Master's was $47.762 (SD = $3.103). Among the graduates with a Bachelor's degree, the average hourly rate was $26.571 (SD = $7.098). You use this information to calculate a 90% confidence interval for the difference in mean hourly wage of (19.58, 22.802). Of the following statements, what is the best interpretation of this interval? Question 5 options: 1) We do not know the population means so we do not have enough information to make an interpretation. 2) We are 90% sure that the difference in average hourly wage of all nationwide graduates with a Master's degree and all nationwide graduates with a Bachelor's degree is between 19.58 and 22.802. 3) We are 90% confident that the difference between the average hourly wage of all their graduates with a Master's degree and all their graduates with a Bachelor's degree is between 19.58 and 22.802. 4) We are certain that the difference between the average hourly wage of all graduates with a Master's degree and all graduates with a Bachelor's degree is between 19.58 and 22.802. 5) We are 90% confident that the difference between the average hourly wage of all their graduates with a Master's degree and all their graduates with a Bachelor's degree surveyed is between 19.58 and 22.802.

Explanation / Answer

Correct option (3)

We are 90% confident that the difference between the average hourly wage of all their graduates with a Master's degree and all their graduates with a Bachelor's degree is between 19.58 and 22.802

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