An investment company claims that the median age of people with mutual funds is 51 years. The ages (in years) of 20 randomly selected mutual fund owners are listed below. At \(\alpha=0.01\), is there enough evidence to reject the company's claim?

(a) identify the claim and state \(H_{0}\) and \(H_{a}\),

(b) decide which nonparametric test to use,

(c) find the critical value(s),

(d) find the test statistic,

(e) decide whether to reject or fail to reject the null hypothesis, 

(f) interpret the decision in the context of the original claim.

Transcribed Image Text:

46 34 33 27 26 51 49 44 58 64 54 46 50 39 36 38 42 34 51 63