The average retirement age in America is 65 years old. Do small business owners retire at an older average age? The data below shows the results of a survey of small business owners who have recently retired. Assume that the distribution of the population is normal. 71, 61, 60, 60, 71, 62, 66, 70, 71, 63, 63, 58 What can be concluded at the the αα = 0.05 level of significance level of significance? For this study, we should use Select an answer t-test for a population mean z-test for a population proportion  The null and alternative hypotheses would be:       H0:H0:  ? μ p  Select an answer > < = ≠         H1:H1:  ? p μ  Select an answer < > = ≠     The test statistic ? z t  =  (please show your answer to 3 decimal places.) The p-value =  (Please show your answer to 4 decimal places.) The p-value is ? ≤ >  αα Based on this, we should Select an answer fail to reject accept reject  the null hypothesis. Thus, the final conclusion is that ... The data suggest the population mean retirement age for small business owners is not significantly older than 65 at αα = 0.05, so there is insufficient evidence to conclude that the population mean retirement age for small business owners is older than 65. The data suggest the populaton mean is significantly older than 65 at αα = 0.05, so there is sufficient evidence to conclude that the population mean retirement age for small business owners is older than 65. The data suggest the population mean is not significantly older than 65 at αα = 0.05, so there is sufficient evidence to conclude that the population mean retirement age for small business owners is equal to 65.

The average retirement age in America is 65 years old. Do small business owners retire at an older average age? The data below shows the results of a survey of small business owners who have recently retired. Assume that the distribution of the population is normal.

71, 61, 60, 60, 71, 62, 66, 70, 71, 63, 63, 58

What can be concluded at the the αα = 0.05 level of significance level of significance?

1. For this study, we should use Select an answer t-test for a population mean z-test for a population proportion 
2. The null and alternative hypotheses would be:     

 H0:H0:  ? μ p  Select an answer > < = ≠       

 H1:H1:  ? p μ  Select an answer < > = ≠    

1. The test statistic ? z t  =  (please show your answer to 3 decimal places.)
2. The p-value =  (Please show your answer to 4 decimal places.)
3. The p-value is ? ≤ >  αα
4. Based on this, we should Select an answer fail to reject accept reject  the null hypothesis.
5. Thus, the final conclusion is that ...
   • The data suggest the population mean retirement age for small business owners is not significantly older than 65 at αα = 0.05, so there is insufficient evidence to conclude that the population mean retirement age for small business owners is older than 65.
   • The data suggest the populaton mean is significantly older than 65 at αα = 0.05, so there is sufficient evidence to conclude that the population mean retirement age for small business owners is older than 65.
   • The data suggest the population mean is not significantly older than 65 at αα = 0.05, so there is sufficient evidence to conclude that the population mean retirement age for small business owners is equal to 65.