QUESTION 1

1. In our industry on average a firm paid out record year end bonuses of $125,500 per employee for 2008.We would like to take a sample of employees at our firm to see whether the mean year end bonus is different from the reported mean of $125,500 for the population.We sample 40 of our employees and we had a mean of $118,000.Assume a population standard deviation of $30,000.Setup for the p-value and critical value approaches.We want to be 95% confident about our finding.
3. 1.Sample Mean =