The average retirement age in America is 63 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.

62, 56, 60, 74, 64, 60, 72, 73, 55, 55, 66, 56

What can be concluded at the the = 0.10 level of significance level of significance?

1. For this study, we should use Select an answer z-test for a population proportion t-test for a population mean
2. The null and alternative hypotheses would be:

H0:H0: ? p Select an answer > = <

H1:H1: ? p Select an answer < > =

1. The test statistic ? t z = (please show your answer to 3 decimal places.)
2. The p-value = (Please show your answer to 4 decimal places.)
3. The p-value is ? >
4. Based on this, we should Select an answer accept reject fail to reject the null hypothesis.
5. Thus, the final conclusion is that ...
   • The data suggest the population mean retirement age for small business owners is not significantly older than 63 at = 0.10, so there is insufficient evidence to conclude that the population mean retirement age for small business owners is older than 63.
   • The data suggest the populaton mean is significantly older than 63 at = 0.10, so there is sufficient evidence to conclude that the population mean retirement age for small business owners is older than 63.
   • The data suggest the population mean is not significantly older than 63 at = 0.10, so there is sufficient evidence to conclude that the population mean retirement age for small business owners is equal to 63.