1.Nationwide, the average salary of actuaries who achieve the rank of Fellow is $150,000. An insurance executive wants to see how this compares with Fellows within his company. He checks the salaries of 10 Fellows and finds the average salary to be $155,500 with a standard deviation of $16,000. Can he conclude that the Fellows in his company make more than the national average, using = 0.05? Solve using the Traditional Method.

= 155,500

S= 16,000

n= 10

Test the Null hypothesis that 150,000