The average retirement age in America is 62 years old. Do small business owners retire at a different 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. 64, 61, 72, 66, 58, 69, 72, 62, 58, 60, 71, 60, 69, 59 What can be conduded 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: ? Select an answer H1: ? Select an answer c. The test statistic ? - (please show your answer to 3 decimal places.)

Glencoe Algebra 1, Student Edition, 9780079039897, 0079039898, 2018
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ISBN:9780079039897
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Chapter10: Statistics
Section10.4: Distributions Of Data
Problem 19PFA
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The average retirement age in America is 62 years old. Do small business owners retire at a different 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.
64, 61, 72, 66, 58, 69, 72, 62, 58, 60, 71, 60, 69, 59
What can be conduded 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 v
Hi: ? 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 ? va
f. Based on this, we should Select an answer
g. Thus, the final condusion is that ...
the null hypothesis.
O The data suggest the population mean is not significantly different from 62 at a = 0.01, so there
is sufficient evidence
owners is equal to 62.
condude
population mean retirement age for small busin
O The data suggest the populaton mean is significantly different from 62 at a = 0.01, so there is
sufficient evidence to condude that the population mean retirement age for small business
owners is different from 62.
O The data suggest the population mean retirement age for small business owners is not
significantly different from 62 at a = 0.01, so there is insufficient evidence to condude that the
population mean retirement age for small business owners is different from 62.
Transcribed Image Text:The average retirement age in America is 62 years old. Do small business owners retire at a different 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. 64, 61, 72, 66, 58, 69, 72, 62, 58, 60, 71, 60, 69, 59 What can be conduded 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 v Hi: ? 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 ? va f. Based on this, we should Select an answer g. Thus, the final condusion is that ... the null hypothesis. O The data suggest the population mean is not significantly different from 62 at a = 0.01, so there is sufficient evidence owners is equal to 62. condude population mean retirement age for small busin O The data suggest the populaton mean is significantly different from 62 at a = 0.01, so there is sufficient evidence to condude that the population mean retirement age for small business owners is different from 62. O The data suggest the population mean retirement age for small business owners is not significantly different from 62 at a = 0.01, so there is insufficient evidence to condude that the population mean retirement age for small business owners is different from 62.
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