Description of z test for population mean

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Reference no: EM13106626

Wall Street securities firms paid out record year-end bonuses of $145,500 per employee for 2005 (Fortune, February 6, 2006). Suppose we would like to take a sample of employees at the Jones & Ryan securities firm to see whether the mean year-end bonus is different from the reported mean of $145,500 for the population. Suppose a sample of 30 Jones & Ryan employees showed a sample mean year-end bonus of $139,400. Assume a population standard deviation of $29,000.

a) In proper notation, state the hypotheses of this test.

b) Show your calculation of the test statistic. ______ = ______________

c) Give the p-value of the test to 4 decimals. p = ________________________

d) What is the conclusion about the issue in question

Reference no: EM13106626

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