SOLUTION: According to an estimate, the mean income of attorneys was $66,272 in 2011. A researcher wanted to check if the current mean income of attorneys is greater than $66,271. A random s

Question 874991: According to an estimate, the mean income of attorneys was $66,272 in 2011. A researcher wanted to check if the current mean income of attorneys is greater than $66,271. A random sample of 64 attorneys taken by this researcher produced a mean income of $69,484 with standard deviation of $11,500. Test at 1 percent significant level whether the current mean income of all attorneys is greater than $66,271.
Answer by ewatrrr(24785) (Show Source): You can put this solution on YOUR website!

 

Hi

Ho: mean ≤ $66,271 Claim

Ha: mean > $66,271

t(69484) = 3213/(11500/sqrt(64)) =3213/1437.5 = 2.2351

P(t > 2.2351) = tcdf(2.2351,100,63) = .0145

.0145 > .01 

Since the p-value is greater than 1%, fail to reject Ho.

Conclusion: The claim is reasonable at the 1% confidence level.

 

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