Help with 16 A shareholders' group is lodging a protest against your company. The shareholders group claimed that the meantenure for a chief exective office (CEO) was at least 9 years. A survey of 99 companies reported in The WallStreet Journal found a sample mean tenure of 7.8 years for CEOS with a standard deviation of s =(The Wall Street Journal, January 2, 2007). You don't know the population standard deviation but can assumeit is normally distributed.5.9 yearsYou want to formulate and test a hypothesis that can be used to challenge the validity of the claim made bythe group, at a significance level of a = 0.02. Your hypotheses are:H.:µ = 96 > 1:"HWhat is the test statistic for this sample?test statistic =(Report answer accurate to 3 decimal places.)What is the p-value for this sample?p-value =(Report answer accurate to 4 decimal places.)

Given data : sample size, n =99 sample mean, x̄ = 7.8 sample standard deviation,s= 5.9 population mean,μ= 9 Significance level, α= 0.02Hypothesis test : The null and alternative hypothesis is H0: u = 9 Ha: u < 9 The hypothesis test is a left tailed test a) Test statistic : test statistic for one sample t test is =(7.8 - 9 )/(5.9/V99 ) = -2.024 The test statistic is -2.024b) Degree of freedom df=n-1=99 -1= 98 P-value : p-value with test statistic t= -2.024 and df= 98 is P-value =P( t < tobs ) = P(t < -2.024 ) = 0.0228 ...... (from t distribution table) ∴ P-value is 0.0228