(*explaining how to do this, step by step; while how to compute this with a TI-8

Question

(*explaining how to do this, step by step; while how to compute this with a TI-84, if possible/ applicable please)

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, 69 had a Master's degree and 82 had a Bachelor's Degree only. The average hourly rate for those with a Master's was $45.991 (SD = $2.162). Among the graduates with a Bachelor's degree, the average hourly rate was $20.239 (SD = $7.267). You use this information to calculate a 95% confidence interval for the difference in mean hourly wage of (23.96, 27.544). Of the following statements, what is the best interpretation of this interval?

Question 10 options:

1)

We do not know the population means so we do not have enough information to make an interpretation.

2)

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 23.96 and 27.544.

3)

We are 95% 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 23.96 and 27.544.

4)

We are 95% 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 23.96 and 27.544.

5)

We are 95% 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 23.96 and 27.544.

1)

We do not know the population means so we do not have enough information to make an interpretation.

2)

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 23.96 and 27.544.

3)

We are 95% 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 23.96 and 27.544.

4)

We are 95% 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 23.96 and 27.544.

5)

We are 95% 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 23.96 and 27.544.

Explanation / Answer

here option 5 is correct:

5)

We are 95% 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 23.96 and 27.544

5)

We are 95% 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 23.96 and 27.544

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