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Significance to test the hypothesis

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An investment adviser is interested in determining whether a retirement community represents a potential clientele base. Of the 2,000 residents, he randomly samples 100 individuals and finds their mean wealth to be $490,000 with a sample standard deviation of $52,000.

a) Use a 0.10 level of significance to test the hypothesis that the mean wealth is less than $500,000.

b) What is the p-value? What does this mean?

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Reference no: EM131702929

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