State the null and alternative hypotheses you would use to test whether the year-end bonuses paid by Jones & Ryan were different from the population mean.
Suppose a sample of 40 Jones & Ryan employees showed a sample mean year-end bonus of $118,000. Assume a population standard deviation of $31,000 and compute the p-value (to 4 decimals).
With = .05 as the level of significance, what is your conclusion?
Answer the next three questions using the critical value approach.
Using = .05, what is the critical value for the test statistic?
Calculate the test statistic (to 2 decimals).
Using = .05, can you conclude that the year-end bonuses paid by Jones & Ryan were different from the population mean
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