Nationwide, the average salary of actuaries who achieve the rank of Fellow is $150,000. An insurance...

Nationwide, the average salary of actuaries who achieve the rank of Fellow is $150,000. An insurance executive wants to see how this compares with Fellows within his company. He checks the salaries of eight Fellows and finds the average salary to be $155,875 with a standard deviation of $6664.13. Can he conclude that the Fellows in his company make more than the national average, using α = 0.05? Solve using the Traditional Method. Data is also available in SPSS, HW5Q6.sav . Also include the SPSS output you used to solve this problem. The SPSS data is 145000. Solve using SPSS and attach output.
165000
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Expert Solution

orchestra answered 2 years ago

Problem # 9: Nationwide, the average salary of actuaries who achieve the rank of Fellow is...

Problem # 9: Nationwide, the average salary of actuaries who achieve the rank of Fellow is $151,000. An insurance executive wants to see how this compares with Fellows within his company. He checked the salaries of 12 Fellows and finds the average salary to be $156,000 with the standard deviation of $10,000. Can he conclude that Fellows in his company make more than the national average, using 0.01 level of significance? Find the test value.

Suppose I am trying to guess the salary of one of my fellow professors who I...

Suppose I am trying to guess the salary of one of my fellow professors who I think is 40 years old, has been at xxuniversity for 5 years, and has 25 publications. I am provided with the following regression analysis results from several alternative models that predict salary (in CAD) from these variables, based on N=35 participants. Note: yrs = years. Model 1; R-squared = 0.578; Adjusted R-squared = 0.537 Coefficient Standard Error t p-value Intercept 86248.19 10016.43 8.61 ...

The average starting salary of students who graduated from colleges of Business in 2009 was $48,800....

The average starting salary of students who graduated from colleges of Business in 2009 was $48,800. A sample of 100 graduates of 2010 showed an average starting salary of $50,000. Assume the standard deviation of the population is known to be $7000. We want to determine whether or not there has been a significant increase in the starting salaries. a. State the null and alternative hypotheses to be tested. b. Compute the test statistic. c. The null hypothesis is to...

The average starting salary of students who graduated from colleges of Business in 2009 was $48,400....

The average starting salary of students who graduated from colleges of Business in 2009 was $48,400. A sample of 100 graduates of 2010 showed an average starting salary of $50,000. Assume the standard deviation of the population is known to be $8000. We want to determine whether or not there has been a significant increase in the starting salaries. Step 1. Statement of the hypothesis (1.5 marks) Step 2. Standardized test statistic formula (1 mark) Step 3. State the level...

I have an average salary of 63,000. Social security of 2.30%, group insurance: 1,221, fica: 2%....

I have an average salary of 63,000. Social security of 2.30%, group insurance: 1,221, fica: 2%. How do I calculate my total compensation

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