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Nationwide, the average salary of actuaries who achieve the rank of Fellow is $155,000. An insurance executive to see how this compares with Fellows within his company. He checked the salaries of 15 Fellows and finds the salary to be $152,000 with the standard deviation of $7,000. Can he conclude that Fellows in his company mak than the national average, using 0.01 level of significance? Complete the following steps: Step # 1: Write the null hypothesis Ho [ Select ] and the alternative hypothesis H1 [ Select ] v and identify the claim [ Select ] Step # 2: Indicate what type of test has to be used [Select ] v and find the critical value(s).

Nationwide, the average salary of actuaries who achieve the rank of Fellow is $155,000. An insurance executive to see how this compares with Fellows within his company. He checked the salaries of 15 Fellows and finds the salary to be $152,000 with the standard deviation of $7,000. Can he conclude that Fellows in his company mak than the national average, using 0.01 level of significance? Complete the following steps: Step # 1: Write the null hypothesis Ho [ Select ] and the alternative hypothesis H1 [ Select ] v and identify the claim [ Select ] Step # 2: Indicate what type of test has to be used [Select ] v and find the critical value(s).

Glencoe Algebra 1, Student Edition, 9780079039897, 0079039898, 2018
Glencoe Algebra 1, Student Edition, 9780079039897, 0079039898, 2018
18th Edition
ISBN:9780079039897
Author:Carter
Publisher:Carter
Chapter10: Statistics
Section10.4: Distributions Of Data
Problem 19PFA
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Nationwide, the average salary of actuaries who achieve the rank of Fellow is $155,000. An insurance executive wants to see how this compares with Fellows within his company. He checked the salaries of 15 Fellows and finds the average salary to be $152,000 with the standard deviation of $7,000. Can he conclude that Fellows in his company make less than the national average, using 0.01 level of significance? Complete the following steps: Step # 1: Write the null hypothesis Ho [ Select ] and the alternative hypothesis H1 [ Select ] v and identify the claim [ Select ] and find the critical value(s). Step # 2: Indicate what type of test has to be used 1 Select ] [ Select ] Step # 3: Find the test value. [Select ] Step # 4: Make the decision about the null hypothesis. [ Select ] Step # 5: Summarize the result. [Select ]
Transcribed Image Text:Nationwide, the average salary of actuaries who achieve the rank of Fellow is $155,000. An insurance executive wants to see how this compares with Fellows within his company. He checked the salaries of 15 Fellows and finds the average salary to be $152,000 with the standard deviation of $7,000. Can he conclude that Fellows in his company make less than the national average, using 0.01 level of significance? Complete the following steps: Step # 1: Write the null hypothesis Ho [ Select ] and the alternative hypothesis H1 [ Select ] v and identify the claim [ Select ] and find the critical value(s). Step # 2: Indicate what type of test has to be used 1 Select ] [ Select ] Step # 3: Find the test value. [Select ] Step # 4: Make the decision about the null hypothesis. [ Select ] Step # 5: Summarize the result. [Select ]
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