The average household income was said to be $72,000. Develop a hypothesis test to see whether the
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Question:
The average household income was said to be $72,000. Develop a hypothesis test to see whether the mean household income in your data is equal to the hypothesized value $72,000 from your previous survey.
Develop the null and alternative hypothesis, and calculate the test statistic. What is the value of the corresponding test statistic?
Sample Mean is 73459.51
Standard Deviation is 34828.21
Sample Size is 420
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