Question

In: Statistics and Probability

Suppose Wall Street securities firms paid out year-end bonuses of $125,500 per employee last year. We...

Suppose Wall Street securities firms paid out year-end bonuses of $125,500 per employee last year. We take a sample of employees at the ASBE securities firm to see whether the mean year-end bonus is greater than the reported mean of $125,500 for the population.

You wish to test the following claim (HaHa) at a significance level of α=0.01α=0.01.

      Ho:μ=125500
      Ha:μ>125500

You believe the population is normally distributed and you know the standard deviation is σ=2900σ=2900. You obtain a sample mean of ¯x=126024.1 for a sample of size n=60n=60.

What is the test statistic for this sample?
test statistic =  (Report answer accurate to 3 decimal places.)

What is the p-value for this sample?
p-value =  (Report answer accurate to 4 decimal places.)

The p-value is...

  • less than (or equal to) αα
  • greater than αα



This test statistic leads to a decision to...

  • reject the null
  • accept the null
  • fail to reject the null



As such, the final conclusion is that...

  • There is sufficient evidence to warrant rejection of the claim that the population mean is greater than 125500.
  • There is not sufficient evidence to warrant rejection of the claim that the population mean is greater than 125500.
  • The sample data support the claim that the population mean is greater than 125500.
  • There is not sufficient sample evidence to support the claim that the population mean is greater than 125500.

Solutions

Expert Solution

orchestra answered 1 year ago
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