In: Statistics and Probability
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.
(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.