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In: Statistics and Probability

The following table gives the age(in years) of 36randomly selected U.S. millionaires. The sample mean ?...

  1. The following table gives the age(in years) of 36randomly selected U.S. millionaires. The sample mean ? = 58.53 years. Assume that the standard deviation of ages of all U.S. millionaires is 13.0 years.

  2. (a)Test at the 10% significance level whether the average year of all U.S. millionaires is above 55 years.

(b) What is the P-value of the hypothesis test in part (a)?

(c) Obtain a confidence interval corresponding to the hypothesis test in part (a).

(d)Does the interval in part (c) support the result in part (a)? Explain your answer.

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