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  3. annual income for americans in 2012. use the data

annual income for Americans in 2012. Use the data set to answer the following questions: Hint:...

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Question

Basic Math

annual income for Americans in 2012. Use the data set to answerthe following questions: Hint: Use Excel

Data set

income (in dollars)

45000
21750
18750
37500
100000
120000
27500
67500
55000
100000
27500
18750
67500
120000
55000
55000
21750
13750
55000
2000
67500
140000
55000
45000
82500
13750
23750
67500
100000
21750
37500
45000
45000
82500
82500
175000
120000
67500
2000
45000
18750
32500
4500
13750
5500
32500
45000
18750
100000
16250
13750
21750
45000
37500
18750
67500
27500
82500
45000
55000
11250
37500
27500
23750
82500
45000
37500
55000
67500
120000
  1. Formulate the null and alternative hypotheses that can be usedto test the assumption that the average American annual income is$42,500.

Ho = 42500

Ha ? 42500

  1. Compute the value of the test statistic.
  2. What is the p-value?
  3. At ? = .05, what is the critical value?
  4. At ? = .05, what is your conclusion? Briefly justify youranswer.
  5. Compute a 95% confidence interval for the population mean. Doesit support your conclusion?

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