I need to put this document into an excel spreadsheet! | Accounting homework help
- Calculate the p-value for this hypothesis test and state the hypothesis conclusion based on the p-value. Does this match your results from the critical value method?Answer and Explanation:
I will now calculate the p-value for the same hypothesis test. To calculate the p-value, the excel formula will be =T.DIST (t,df,true). We already have our values needed for this formula. = -2.548 and df= 363. So in excel I entered =T.DIST(-2.548, 363, true) and got my p-value of 0.0056. When using the p-value to decide whether to reject the null hypothesis or not, I will need to compare it to the significance level. For this scenario the significance levelor α = .05. The comparison would read 0.05 <.0056 Based on the comparison, I know that I must reject the null hypothesis since the p-value would fall within the critical region (Rejection region). My conclusion would be: There is sufficient evidence to support the claim that the average salary for all jobs in Minnesota is less than $75,000.
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