For a sample of 48 finance majors, the average time spent reading each issue of the campus newspaper is 19.7 minutes, with a standard deviation of 7.3 minutes. The corresponding figures for a sample of 40 management information system majors are 16.3 and 4.1 minutes. What is the the test statistic, t, with the 0.01 level of significance?

The t-value is ±2.626.

Step-by-step explanation:

An independent sample t-test will be performed to determine whether there is a difference between the average time spent reading each issue of the campus newspaper by finance majors and management majors.

The hypothesis can be defined as follows:

H₀: There is no difference between the two means, i.e.

Hₐ: There is no difference between the two means, i.e.

The test statistic is:

The degrees of freedom is:

The critical value of t is:

*Use a t-table.

**Use the next higher degrees of freedom if 86 is not available.

y > 1/3x

y < = -x + 4

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