A shareholders' group, in lodging a protest, claimed that the mean tenure for a chief executive office (CEO) was at least nine years. A survey of companies reported in The Wall Street Journal found a sample mean tenure of x = 7.27 years for CEOS with a standard deviation of s = 6.38 years. (a) Formulate hypotheses that can be used to challenge the validity of the claim made by the shareholders' group. 6 > r# :04 O O #o: H = 9 HaiH #9 O Ho: H >9 O Ho: us9 Hai H > 9 O Ho: u 29 H3: µ < 9 (b) Assume 95 companies were included in the sample. What is the test statistic? (Round your answer to three decimal places.) What is the p-value for your hypothesis test? (Round your answer to four decimal places.) p-value = (c) At a = 0.01, what is your conclusion? O Do not reject Ho. We cannot conclude that the mean tenure of a CEO is significantly lower than 9 years. The claim of the shareholders group is valid. O Reject Ha. We can conclude that the mean tenure of a CEO is significantly lower than 9 years. The claim of the shareholders group is not valid. O Do not reject Ho. We can conclude that the mean tenure of a CEO is significantly lower than 9 years. The claim of the shareholders group is not valid. O Reject Ho. We cannot conclude that the mean tenure of a CEO is significantly lower than 9 years. The claim of the shareholders group is valid.

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