For Business versus Engineering majors conduct a full,

For Business versus Engineering majors conduct a full, two-sample hypothesis test using the p value method at the 0.01% significance level (assume the variances are not equal). Claim: the average ’30-Year ROI’ for Business majors is less than for Engineering Majors. 

a. Will one of the two majors cost more than the other according to the average cost calculated in Week 2 with the sample data? If so, which one? 

b. Does the hypothesis tests support that one of the two majors costs more than another? If so, which one costs more? 

c. Why did we need the hypothesis test if Week 2 showed us which school from the sample cost more? 

d. According to these results, what would you tell our student who is choosing between majors if he/she asked, “What is it going to cost to attend a business/engineering school?”

week 2 sample data

School Type Cost 30 Year ROI Annual ROI
Private $221,700.00 $2,412,000.00 8.70%
Private $213,000.00 $2,064,000.00 8.30%
Private $230,100.00 $1,949,000.00 7.90%
Private $222,600.00 $1,947,000.00 8.00%
Private $225,800.00 $1,938,000.00 8.00%
Public $87,660.00 $1,937,000.00 11.20%
Private $224,900.00 $1,915,000.00 7.90%
Private $221,600.00 $1,878,000.00 7.90%
Public $125,100.00 $1,854,000.00 9.80%
Private $215,700.00 $1,794,000.00 7.90%
Public $92,530.00 $1,761,000.00 10.60%
Private $217,800.00 $1,752,000.00 7.70%
Public $89,700.00 $1,727,000.00 10.70%
Public $229,600.00 $1,716,000.00 7.50%
Public $101,500.00 $1,703,000.00 10.20%
Public $115,500.00 $1,694,000.00 9.70%
Public $104,500.00 $1,690,000.00 10.10%
Public $69,980.00 $1,685,000.00 11.50%
Private $219,400.00 $1,676,000.00 7.60%
Public $64,930.00 $1,668,000.00 11.70%

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