State your null and alternative hypothesis.

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Wall Street securities firms paid out record year-end bonuses of $125,000 per employee. Suppose we take a sample at Goldman Sachs to see whether the year-end bonus is different from the population mean in Wall Street companies.

a. State your null and alternative hypothesis.

b. Suppose the sample size is 40. The significant level α = 0.05. The sample mean at Goldman Sachs is $133,000. Assume the population standard deviation σ is $30,000. Calculate your test statistic.

c. Use the p-value approach. State the p-value. Show your work.

d. What is your conclusion? To reject or not to reject H_0?

Reference no: EM13769013

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