According to the New York Stock Exchange, the mean portfolio value for U.S. senior citizens who are shareholders is $183,000. Suppose a simple random sample of 50 senior citizen shareholders in a certain region of the United States is found to have a mean portfolio value of $198,700, with a standard deviation of $65,000.

Compute the p-value needed to test the claim that the mean portfolio value for all senior citizen shareholders in this region might not be the same as the mean value reported for their counterparts across the nation.

1: State the null and alternative hypotheses

2: State the standardized test statistic

3: Calculate the standardized test statistic and see if it falls in the rejection region

4: Compute the p-value

5: Interpret the p-value

-If your alpha level was 0.10 would you reject or fail to reject the null hypothesis? Justify your answer and give your final conclusion for the test.

-If your alpha level was 0.05 would you reject or fail to reject the null hypothesis? Justify your answer and give your final conclusion for the test.