A study examining the cost of living in urban versus rural areas was carried out in 1985. Two samples were drawn, and individuals recorded their household expenses over a three month period. Weekly averages and standard deviations show the following:
mean = $83.50 = $71.10
standard = 7.40 = 6.20
sample = 13 = 16
Is there a significant difference in rural/urban expenditures? (alpha = .01)
Step-by-step solution is provided.