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The average retirement age in America is 64 years old. Do small business owners retire at an older 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. 72, 65, 68, 64, 59, 65, 74, 59, 63, 65, 65, 61, 62, 68, 71 What can be concluded at the 0.05 level of significance? Set-up, Interpretations Helpful Videos:Calculations, Hint Textbook Pages Ho: μ = 64 Ha: [Select] 64 Test statistic: [Select] p-Value = [Select ] [Select] Conclusion: There is [Select] evidence to make the conclusion that the population mean retirement age for small business owners is older than 64. ►►►

The average retirement age in America is 64 years old. Do small business owners retire at an older 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. 72, 65, 68, 64, 59, 65, 74, 59, 63, 65, 65, 61, 62, 68, 71 What can be concluded at the 0.05 level of significance? Set-up, Interpretations Helpful Videos:Calculations, Hint Textbook Pages Ho: μ = 64 Ha: [Select] 64 Test statistic: [Select] p-Value = [Select ] [Select] Conclusion: There is [Select] evidence to make the conclusion that the population mean retirement age for small business owners is older than 64. ►►►

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
Section: Chapter Questions
Problem 20SGR
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### Retirement Age Analysis for Small Business Owners The average retirement age in America is 64 years old. Do small business owners retire at an older 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. **Data Set:** - 72, 65, 68, 64, 59, 65, 74, 59, 63, 65, 65, 61, 62, 68, 71 **Statistical Question:** What can be concluded at the 0.05 level of significance? **Resources:** - **Helpful Videos:** [Calculations](#), [Set-up](#), [Interpretations](#) - **Hint:** [Hint](#) - **Textbook Pages:** [Textbook Pages](#) ### Hypotheses: - Null Hypothesis (H₀): μ = 64 - Alternative Hypothesis (Hₐ): μ [ Select ] 64 ### Procedures and Calculations: - **Test Statistic:** [ Select ] - **p-Value:** [ Select ] ### Conclusion: **Conclusion Statement:** There is [ Select ] evidence to make the conclusion that the population mean retirement age for small business owners is older than 64. Please fill in the missing selections to complete the hypothesis test and determine whether small business owners retire at an older age than the general population average. --- This educational exercise guides students through the process of conducting a hypothesis test using real-world data on retirement ages. Students are encouraged to use the provided resources to understand how to set up and interpret their statistical findings.
Transcribed Image Text:### Retirement Age Analysis for Small Business Owners The average retirement age in America is 64 years old. Do small business owners retire at an older 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. **Data Set:** - 72, 65, 68, 64, 59, 65, 74, 59, 63, 65, 65, 61, 62, 68, 71 **Statistical Question:** What can be concluded at the 0.05 level of significance? **Resources:** - **Helpful Videos:** [Calculations](#), [Set-up](#), [Interpretations](#) - **Hint:** [Hint](#) - **Textbook Pages:** [Textbook Pages](#) ### Hypotheses: - Null Hypothesis (H₀): μ = 64 - Alternative Hypothesis (Hₐ): μ [ Select ] 64 ### Procedures and Calculations: - **Test Statistic:** [ Select ] - **p-Value:** [ Select ] ### Conclusion: **Conclusion Statement:** There is [ Select ] evidence to make the conclusion that the population mean retirement age for small business owners is older than 64. Please fill in the missing selections to complete the hypothesis test and determine whether small business owners retire at an older age than the general population average. --- This educational exercise guides students through the process of conducting a hypothesis test using real-world data on retirement ages. Students are encouraged to use the provided resources to understand how to set up and interpret their statistical findings.
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