The average retirement age in America is 69.6 years old. Do small business owners retire at an age that is lower than the 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. Use a 0.01 level of significance. 63 67 68 67 70 65 71 65 63 64 71 66 70 69 69 Round answers to 4 decimals where possible. Step (1) Determine the null and alternative hypotheses. Ho: p= H₂: ? Step (2) Determine the test statistic and p-value. Test Statistic: ?v= p-value = Step (3) Find the critical value for the rejection region 2

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