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The average retirement age in Armerica is 63 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. 66, 60, 62, 71, 58, 73, 60, 72, 70, 61, 57 What can be concluded at the the a 0.05 level of significance level of significance? %3D a. For this study, we should use t-test for a population mean b. The null and alternative hypotheses would be: Ho: 63 H1: uv> c. The test statistic ? = (please show your answer to 3 decimal places.) d. The p-value = (Please show your answer to 4 decimal places.) %3D

The average retirement age in Armerica is 63 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. 66, 60, 62, 71, 58, 73, 60, 72, 70, 61, 57 What can be concluded at the the a 0.05 level of significance level of significance? %3D a. For this study, we should use t-test for a population mean b. The null and alternative hypotheses would be: Ho: 63 H1: uv> c. The test statistic ? = (please show your answer to 3 decimal places.) d. The p-value = (Please show your answer to 4 decimal places.) %3D

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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The average retirement age in America is 63 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. 66, 60, 62, 71, 58, 73, 60, 72, 70, 61, 57 What can be concluded at the the a 0.05 level of significance level of significance? a. For this study, we should use t-test for a population mean b. The null and alternative hypotheses would be: Ho: uv = 63 H: uv> c. The test statistic ? = (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 ? a f. Based on this, we should Select an answerv the null hypothesis. g. Thus, the final conclusion is that O The data suggest the population mean retirement age for small business owners is not significantly different from 63 at a = 0.05, so there is insufficient evidence to conclude that the population mean retirement age for small business owners is different from 63. O The data suggest the populaton mean is significantly different from 63 at a = 0.05, so there is sufficient evidence to conclude that the population mean retirement age for small business owners is different from 63. O The data suggest the population mean is not significantly different from 63 at a = 0.05, so there is sufficient evidence to conclude that the population mean retirement age for small business owners is equal to 63. M
Transcribed Image Text:The average retirement age in America is 63 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. 66, 60, 62, 71, 58, 73, 60, 72, 70, 61, 57 What can be concluded at the the a 0.05 level of significance level of significance? a. For this study, we should use t-test for a population mean b. The null and alternative hypotheses would be: Ho: uv = 63 H: uv> c. The test statistic ? = (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 ? a f. Based on this, we should Select an answerv the null hypothesis. g. Thus, the final conclusion is that O The data suggest the population mean retirement age for small business owners is not significantly different from 63 at a = 0.05, so there is insufficient evidence to conclude that the population mean retirement age for small business owners is different from 63. O The data suggest the populaton mean is significantly different from 63 at a = 0.05, so there is sufficient evidence to conclude that the population mean retirement age for small business owners is different from 63. O The data suggest the population mean is not significantly different from 63 at a = 0.05, so there is sufficient evidence to conclude that the population mean retirement age for small business owners is equal to 63. M
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