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

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

57, 53, 72, 53, 67, 71, 65, 67, 59, 68, 69

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

For this study, we should use.... Select an answer ....z-test for a population proportion or t-test for a population mean?
The null and alternative hypotheses would be:

H0:H0: ? p μ ? > ≠ < =

or

H1:H1: ? p μ ? = > ≠ <

The test statistic ? t z = (please show your answer to 3 decimal places.)
The p-value = (Please show your answer to 4 decimal places.)
The p-value is ? > ≤ αα
Based on this, we should... Select an answer... accept /reject /fail to reject the null hypothesis.
Thus, the final conclusion is that ...
- The data suggest the populaton mean is significantly different from 66 at αα = 0.01, so there is sufficient evidence to conclude that the population mean retirement age for small business owners is different from 66.
- The data suggest the population mean is not significantly different from 66 at αα = 0.01, so there is sufficient evidence to conclude that the population mean retirement age for small business owners is equal to 66.
- The data suggest the population mean retirement age for small business owners is not significantly different from 66 at αα = 0.01, so there is insufficient evidence to conclude that the population mean retirement age for small business owners is different from 66.

Expert Solution

orchestra answered 2 years ago

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