Answer to Question #10804 in Statistics and Probability for Raghav Agrawal

Question

Recent business graduates currently employed in full- time positions were surveyed. Family backgrounds were self-classified as relatively high or low socioeconomic status. For a random sample of 16 high-socioeconomic-status recent business graduates, the mean total compensation was $34,500 and the sample standard deviation was $8,520. For an independent random sample of 9 low-socioeconomic-status recent business graduates, the mean total compensation was $31,499 and the sample standard deviation was $7,521. Find a 90% confidence interval for the difference between the two population means.