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Name: The average retirement age in America is 66 years old. Do small busine
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Description: The average retirement age in America is 66 years old. Do small business owners retire at a younger 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 popu

MATLAB: An Introduction with Applications

6th Edition

ISBN:9781119256830

Author:Amos Gilat

Publisher:Amos Gilat

Chapter1: Starting With Matlab

Section: Chapter Questions

Problem 1P

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The average retirement age in America is 66 years old. Do small business owners retire at a younger 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.

56, 71, 66, 56, 67, 54, 58, 53, 59, 62, 56, 65, 66

What can be concluded at the the αα = 0.01 level of significance level of significance?

The null and alternative hypotheses would be:

H0: the mean is <,>,=, or not equal to also provide the number__?__

H 1: the mean is <,>,=, or not equal to also provide the number __?__

The test statistic t = __?__ (please show your answer to 3 decimal places.)

2. The p-value = __?__ (Please show your answer to 4 decimal places.)

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