A shareholders' group is lodging a protest against your company. The shareholders group claimed that the mean tenure for a chief exective office (CEO) was at least 10 years. A survey of 71 companies reported in The Wall Street Journal found a sample mean tenure of 8.9 years for CEOs with a standard deviation of 5.9 years (The Wall Street Journal, January 2, 2007).
You want to formulate and test a hypothesis that can be used to challenge the validity of the claim made by the group, at a significance level of 0.10. Your hypotheses are:
H 0 : μ ≥ 10
H 1 : μ < 10
What is the test statistic for this sample? -1.571 Correct (Report answer accurate to 3 decimal places.)
What is the p-value for this sample?
*Can you explain how to find P-value? I don't understand when its just written as t0.10;70 . My notes don't go in depth for how to go with that method or any of the matter.
I really appreciate it, thanks*
The p-value is:
p-value = 0.0603
Since p-value is less than 0.10 so we reject the null hypothesis.
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