An online recruiting firm reports that the average annual st…
An online recruiting firm reports that the average annual starting salary for graduates with bachelor’s degrees in business in the United States was $60,000 in 2022. The results for a sample of 100 business majors receiving a bachelor’s degree who took jobs in Boston showed a mean starting salary of $62,000 with a sample standard deviation of $5,000 in 2022. Conduct a hypothesis test at 0.03 level of significance to determine whether the mean starting salary for business majors who took jobs in Boston is different from the mean starting salary nationwide in 2022. Given the problem description and based on the statistical theory, the “Standard Deviation (Sigma)” of the “sampling distribution of Xbar” is (approximately) ________________.