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Hypothesis Test for the Average Salaries of a College Graduates

A college wishes to make the claim that 50% of it's graduates earn more than $70,000 ten years after graduation. The distribution of salaries of these graduates is completely unknown. A sample of 15 ten year alumni were surveyed and they reported their salaries to be (see attached).

Is there evidence, at the 5% significance level, that the $70,000 figure is too high?


Solution Summary

This shows how to determine if there is enough evidence for a hypothesis test in an attached Word document.