Salaries for Actuaries Nationwide graduates entering the actuarial field earn $40,000. A college placement officer feels that this number is too low. She surveys 36 graduates entering the actuarial field and finds the average salary to be $41,000. The population standard deviation is $3000. Can her claim be supported at

a = 0. 05?​

Answers

Answer 1

We can rule out the null hypothesis, allowing her assertion to stand because the value of P is less than 0.05(P<0.05) if the salaries for actuaries Nationwide graduates entering the actuarial field earn $40,000.

What is Z-test?

The Z test is a parametric procedure that is used on data that is dispersed in a normal fashion. For testing hypotheses, the z test can be used on one sample, two samples, or proportions. When the population variance is known, it analyzes if the means of two big groups are dissimilar.

We have Salaries for actuaries Nationwide graduates entering the actuarial field earn $40,000.

Let's suppose the null hypothesis is H0

[tex]\rm H0: \mu = 40,000\\[/tex]

An alternative hypothesis is H1

[tex]\rm H1: \mu > 40,000[/tex]

Using Z-test

[tex]\rm Z_{test} = \frac{X' - \mu}{{\sigma} }[/tex]

We have

X' = 41,000, [tex]\mu = 40,000[/tex], and [tex]\sigma = 500[/tex],

[tex]\rm Z_{test} = \frac{41000-40000}{{500}}[/tex]

[tex]\rm Z_{test} = \frac{1000}{500 }[/tex]

[tex]\rm Z{test }= 2[/tex]

P-value from the Z-table for [tex]\rm Z{test }= 2[/tex]

P(Z = 2) = 0.02275

Since the value of p is less than 0.05 We can rule out the null hypothesis, allowing her assertion to stand.

Thus, we can rule out the null hypothesis, allowing her assertion to stand because the value of P is less than 0.05(P<0.05) if the salaries for actuaries Nationwide graduates entering the actuarial field earn $40,000.

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Related Questions

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Answer:

The moon comes out after sunset it cools the land and the moon can make water rise or slim down

Explanation:

PLS HELP I'll mark the best answer brainliest

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Answer:

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Explanation:

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Answers

Answer:

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This means that Africa has the highest concentration of least-developed countries and not Latin America.

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Answers

Answer:

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Explanation:

Answer:

Europeans controlled the government of Central Africa

Africans were forced to work on plantations

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Explanation:

k12

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Answers

Answer:

Canada --- U.S. Borders

Explanation:

Hope this helps! Please let me know if you need more help or think my answer is incorrect. Brainliest would be MUCH appreciated. Also remember to rate answers to help other students, While leaving thanks to answers that help you. Have a great day!


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Answer:

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Explanation:

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Explanation:

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Answer:

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Answers

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Answer:

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Answers

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Explanation:

The rocks change from one type to another. Thus, the second statement correctly describes a feature of the rock cycle.

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Answers

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The answer to your question is false

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Answers

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Explanation:

The increasing economic, cultural, political, and social connections between people around the world is called globalization.

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Answer:

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Mark me if possible :)

Answer:

stop using this website to cheat

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Answer:

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Answers

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Answer:

The answer is Southeast Asia

Explanation:

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Answers

Answer:

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Explanation:

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Answers

Answer:

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Answers

Answer:

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Answers

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