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.
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Expert Solution

orchestra answered 1 year ago

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