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A study of the pay of corporate chief executive officers (CEOs) examined the increase in cash...

A study of the pay of corporate chief executive officers (CEOs) examined the increase in cash compensation of the CEOs of 98 companies, adjusted for inflation, in a recent year. The mean increase in real compensation was x = 6.9%, and the standard deviation of the increases was s = 43%. Is this good evidence that the mean real compensation μ of all CEOs increased that year?

Ho: μ = 0 (no increase)
Ha: μ > 0 (an increase)

(a) Calculate the P-value (Round your answer to four decimal places.)

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