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Could use some help here, any advice would be greatly appreciated, data attached. you want to know the average age and average 1-year compensation of
Could use some help here, any advice would be greatly appreciated, data attached.
you want to know the average age and average 1-year compensation of highst paid CEO's. You contact a CEO placement company. They provide you with a sample of 50 CEOs, their compensation and age.
- Obtain 95% confidence interval for the mean 1-Year comp. and mean age. Does your confidence interval contain the population mean 1-Year compensation and population mean age?
- Find probability that the average compensation for the 50 randomly selected CEOs is more than the sample mean; under the assumption the true mean is8 million dollars.
- The placement service claims that the average compensation for CEO placed by their services is more than 8 million dollars. Assuming the sample given is obtained from the placement services; does the sample support the placement services claim? Test the hypothesis at 5% Level and state your conclusion. Is your p-value close to the answer obtained in part (b), explain.
Obtain the 95% confidence interval for the mean 1-Year compensation and mean age. Does your confidence interval contain the population mean 1-
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