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The following table gives the age (in years) of 36 randomly selected U.S. millionaires. The sample mean x = 58.53 years. Assume that the
The following table gives the age (in years) of 36 randomly selected U.S. millionaires. The sample mean x = 58.53 years. Assume that the standard deviation of ages of all U.S. millionaires is 13.0 years. (See data on file: M08_Age_Millionaire_Q4.xlsx) 31 45 79 64 48 38 39 68 59 68 79 42 79 53 74 66 52 66 66 71 61 52 47 39 54 67 55 71 77 64 60 75 42 69 48 57 48 (a) Test at the 10% significance level whether the average year of all U.S. millionaires is above 55 years. (b) What is the P-value of the hypothesis test in part (a)? (c)Obtain a confidence interval corresponding to the hypothesis test in part (a). (d)Does the interval in part (c) support the result in part (a)? Explain your answer.
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