A shareholders' group is lodging a protest against your company. The shareholders group claimed that the mean tenure for a chief exective office (CEO) was at least 9 years. A survey of 65 companies reported in The Wall Street Journal found a sample mean tenure of 6.5 years for CEOs with a standard deviation of 5.5 years (The Wall Street Journal, January 2, 2007). You want to formulate and test a hypothesis that can be used to challenge the validity of the claim made by the group, at a significance level of 0.005. Your hypotheses are: H0:μ≥9H0:μ≥9 H1:μ<9H1:μ<9 What is the test statistic for this sample? (Report answer accurate to 3 decimal places.) What is the p-value for this sample?
A shareholders' group is lodging a protest against your company. The shareholders group claimed that the mean tenure for a chief exective office (CEO) was at least 9 years. A survey of 65 companies reported in The Wall Street Journal found a sample mean tenure of 6.5 years for CEOs with a standard deviation of 5.5 years (The Wall Street Journal, January 2, 2007).
You want to formulate and test a hypothesis that can be used to challenge the validity of the claim made by the group, at a significance level of 0.005. Your hypotheses are:
H0:μ≥9H0:μ≥9
H1:μ<9H1:μ<9
What is the test statistic for this sample?
(Report answer accurate to 3 decimal places.)
What is the p-value for this sample? (Report answer accurate to 4 decimal places.)
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