According to Forbes, the average age of millionaires in the US 10 years ago was 62 years old. Since
then, the number of millionaires in the US has grown to over 17 million. One prevalent belief among
economists is that the average age of millionaires today has decreased from the average age of
millionaires 10 years ago. To investigate this belief, a random sample of 50 millionaires from the US was
selected and their ages were recorded. Here are the summary statistics.
Statistic
n
X
Sx
Min
Q₁
Med
Q3
Max
Value
50
51
10.2
18
38
50.5
72
99
Based on this sample, is there convincing evidence that the true mean age of millionaires in the US is
less than 62 years old? Use a = 0.01. Provide statistical evidence to support your answer.
Answers
In the sample, there is convincing evidence that the true mean age of millionaires in the US is less than 62 years old
How to illustrate the sample?From the information given, the sample mean is 51 and the standard deviation is 10.2. The sample is 50 and the level of significance is 0.01.
The test statistic will be:
= (51 - 62)/(10.20/✓50)
= -7.63
The degree of freedom will be:
= n - 1
= 50 - 1
= 49
Since the p-value is less than 0.05, we will reject the null hypothesis. Therefore, there is a convincing evidence that the true mean age of millionaires in the US is less than 62 years old
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Answer:
Sample mean = x = 51
Sample standard deviation = s = 10.2
Sample size = n = 50
Level of significance = a = 0.05
Null and Alternative Hypotheses:
0: μ= 62
а: μ< 62
This corresponds to a left-tail test, for which a t-test for one mean, with unknown population standard deviation will be used.
Test statistic:
t = x - μ / (s / sqrt n)
t = 51 - 62 / (10.20 / sqrt 50)
t = -7.63
Test statistic = t = -7.63
Degrees of freedom = n - 1 = 50 - 1 = 49
P-value = 0.0000 ...Using excel formula, =TDIST (7.63, 49, 1)
Decision: P-value< 0.05, reject H_0.
Conclusion: There is sufficient evidence to support the claim that the true mean age of millionaires in the US is less than 62 years old.
Explanation:
Got it off of coursehero. Hope this helps~ ;3
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The data follows a normal distribution with a mean of 14 g/dL and a standard deviation of 1.
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FANTASY IS A KIND OF FOOD
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THAÑK YOU TO THE Points
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A. To ensure that worthless assets are thrown away
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Will is the legal document that shows the distribution of the property. The items listed in the will should be clearly stated so that executor knows what was intended.
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Answer:
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Explanation:
Randy works 50 weeks a year, averaging $500 a week in wages. He is offered a salaried position at $27,500 a year. If he accepts it, he will make ______.
a.
less money
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d.
can’t tell
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Answer: b. more money
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The conic represented by the equation is a(n)
The solution set is
v include the boundary
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The conic represented by the equation is a(n)
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Companies are required to treat all consumer equally because of the consumer protection policy that prohibits discrimination in terms of poor-quality products and unfair business practice.
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Note that it is one which is based on protection in terns of contract terms regarding transactions, repairs, etc.
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