A shareholders' group, in lodging a protest, claimed that the mean tenure for a chief executive officer (CEO) was at least nine years. A survey of companies reported in The Wall Street Journal found a sample mean tenure of x = 7.07 years for CEOs with a standard deviation of s = 6.38 years.
|(a)||Choose the correct hypotheses that can be used to challenge the validity of the claim made by the shareholders' group.|
|(b)||Assume that 85 companies were included in the sample. What is the p value for your hypothesis test? If required, round your answer to four decimal places.|
|(c)||At α = 0.01, what is your conclusion?|
|We - Select your answer -rejectfail to reject the null hypothesis. We - Select your answer -cancannot conclude that the mean tenure for a CEO is shorter than nine years.|
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