The dean of a business school claims that the average starting salary of its graduates is more than 85 (in $000’s). it is known that the population standard deviation is 10 (in $000’s). sample data on the starting salaries of 64 randomly selected recent graduates yielded a mean of 88(in $000s). what is the critical value for the rejection region if the level of significance is 5%?

Critical value for the rejection region if the level of significance is 5% = 1.645

We conclude that the average starting salary of graduates is more than 85,000$.

Step-by-step explanation:

We are given the following in the question:

Population mean, μ = 85,000$

Sample mean, = 88,000$

Sample size, n = 64

Alpha, α = 0.05

Population standard deviation, σ = 10,000

First, we design the null and the alternate hypothesis

We use One-tailed(right) z test to perform this hypothesis.

Formula:

Putting all the values, we have

Now,

Since,  

We reject the null hypothesis and accept the alternate hypothesis.

Thus, we conclude that the average starting salary of graduates is more than 85,000$.

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