The average salary for American college graduates is $45,900. You suspect that the average is more for graduates from your college. The 46 randomly selected graduates from your college had an average...

The average salary for American college graduates is $45,900. You suspect that the average is more for graduates from your college. The 46 randomly selected graduates from your college had an average salary of $47,317 and a standard deviation of $7,160. What can be concluded at the  α = 0.05 level of significance?

1. Thus, the final conclusion is that ...
   
   
   

   
   
   • The data suggest that the population mean is not
     significantly
     greater than 45,900 at αα = 0.05, so there is statistically insignificant evidence to conclude that the population mean salary for graduates from your college is greater than 45,900.
   
   
   • The data suggest that the populaton mean is
     significantly
     greater than 45,900 at αα = 0.05, so there is statistically significant evidence to conclude that the population mean salary for graduates from your college is greater than 45,900.
   
   
   • The data suggest that the sample mean is not
     significantly
     greater than 45,900 at αα = 0.05, so there is statistically insignificant evidence to conclude that the sample mean salary for graduates from your college is greater than 47,317.
   
   

   
   
   
   


2. Interpret the p-value in the context of the study.
   
   
   

   
   
   • There is a 9.31685111% chance of a Type I error.
   
   
   • There is a 9.31685111% chance that the population mean salary for graduates from your college is greater than $45,900 .
   
   
   • If the population mean salary for graduates from your college is $45,900 and if another 46 graduates from your college are surveyed then there would be a 9.31685111% chance that the sample mean for these 46 graduates from your college surveyed would be greater than $47,317.
   
   
   • If the population mean salary for graduates from your college is $45,900 and if another 46 graduates from your college are surveyed then there would be a 9.31685111% chance that the population mean salary for graduates from your college would be greater than $45,900.
   
   

   
   
   
   


3. Interpret the level of significance in the context of the study.
   
   
   

   
   
   • If the population population mean salary for graduates from your college is greater than $45,900 and if another 46 graduates from your college are surveyed then there would be a 5% chance that we would end up falsely concluding that the population mean salary for graduates from your college is equal to $45,900.
   
   
   • If the population mean salary for graduates from your college is $45,900 and if another 46 graduates from your college are surveyed then there would be a 5% chance that we would end up falsely concluding that the population mean salary for graduates from your college is greater than $45,900.
   
   
   • There is a 5% chance that your won't graduate, so what's the point?
   
   
   • There is a 5% chance that the population mean salary for graduates from your college is greater than $45,900.