According to Forbes, the average age of millionaires in the US 10 years ago was 62 years old. Since then, the number of millionaires in the US has grown to over 17 million. One prevalent belief among economists is that the average age of millionaires today has decreased from the average age of millionaires 10 years ago. To investigate this belief, a random sample of 50 millionaires from the US was selected and their ages were recorded. Here are the summary statistics. Based on this sample, is there convincing evidence that the true mean age of millionaires in the US is less than 62 years old? Use a = 0.01. Provide statistical evidence to support your answer.

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Types of Bias

Statistics is the study of data collection, organization, analysis, interpretation, and presentation. Statistical bias is a characteristic of a statistical technique or its findings in which the expected value deviates from the actual root quantitative parameter being estimated. According to the actual definition of bias, it refers to the tendency of a statistic to overestimate or underestimate a parameter.