Use the following to answer questions 1 to 3:

You conjecture that average salary at your firm is higher than the industry benchmark of $67,000. You collect a random sample of employees of size 36 and compute the sample mean to be $69,500. Suppose you know that the standard deviation of salary is $9,000.

1. What is the p-value for this test? A) 0.953 B) 0.047 C) 1.667

2. What statistical conclusion would you make using a significance level of 0.05? A) Reject the null at the 5 percent significance level. B) Fail to reject the null at the 5 percent significance level. C) Cannot determine

3. What practical conclusion would you draw based on using a 5% significance level? A) We cannot conclude that average salary at our firm is greater than the benchmark using a 5% significance level. B) We are 95% confident that average salary in our firm is higher than the industry benchmark. C) Average salary at our firm is greater than the benchmark using a 95% significance level.

Double checking answers - think that I am off