# The annual Salaries

Question

The annual   salaries of 16 randomly chosen actuaries are listed below. At 0.02 can u conclude that the standard deviation of the annual salieries is greater than 20,000? Use the p value method to perform the hypothesis test.      84632   69168   71264   119064   84760   59704   49376   61176   66464   71792   72056   84768   91376   80784   95880   81848

What is the p value?

Question

The Cell Tone Company sells cellular phones and airtime in several southeast states. At a recent meeting, the marketing manager stated that the average age of its customers is under 40. This came up in conjunction with a proposed advertising plan that is to be directed toward a young audience. Before actually completing the advertising plan, Cell Tone decided to randomly sample customers. Among the questions asked in the survey of 15 customers in the Jacksonville, Florida, area was the customers’ age. The following data was obtained: 51 38 74 43 43 20 44 32 29 25 34 38 21 38 34 The marketing manager must support his statement concerning average customer age in an upcoming board meeting.

1. State the null and alternate hypotheses.

2. State the critical value rule using the 10 percent level of significance.

3. Calculate the test statistic. Show calculations.

4. What is your decision regarding the null statement?

5. Write a conclusion statement.

6. Consider the result of the hypothesis test you conducted above. Which of the two types of hypothesis test errors could you have committed? Explain the ramification of committing such an error in the context of this scenario.

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