Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

The average retirement age in America is 62 years old. Do small business owners retire at an older average age? The data below shows the

image text in transcribed
The average retirement age in America is 62 years old. Do small business owners retire at an older average age? The data below shows the results of a survey of small business owners who have recently retired. Assume that the distribution of the population is normal. 71, 63, 61, 71, 75, 70, 75, 63, 70, 59, 72, 68, 55, 61, 65 What can be concluded at the the a = 0.01 level of significance level of significance? a. For this study, we should use Select an answer b. The null and alternative hypotheses would be: Ho: ? V Select an answer H1: ? v Select an answer V c. The test statistic (? v = (please show your answer to 3 decimal places.) d. The p-value = (Please show your answer to 4 decimal places.) e. The p-value is ? v a f. Based on this, we should Select an answer the null hypothesis. g. Thus, the final conclusion is that ... The data suggest the population mean retirement age for small business owners is not significantly older than 62 at a = 0.01, so there is insufficient evidence to conclude that the population mean retirement age for small business owners is older than 62. The data suggest the populaton mean is significantly older than 62 at a = 0.01, so there is sufficient evidence to conclude that the population mean retirement age for small business owners is older than 62. The data suggest the population mean is not significantly older than 62 at a = 0.01, so there is sufficient evidence to conclude that the population mean retirement age for small business owners is equal to 62

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Finite Mathematics

Authors: Stefan Waner, Jerry Lee Ford Jr, Waner/Costenoble, Steven Costenoble

5th Edition

1111789304, 9781111789305

More Books

Students also viewed these Mathematics questions