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    Hypothesis Test for the Average Income of a Sold Proprietor CPA

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    A ten year old survey found that the average income of sole proprietor CPA's was $74,914. To update this information, a new survey of 112 proprietor CPA's was taken and it showed a mean of $74,695. Use a 5% level of significance to test whether the average income sole proprietor CPA's has increased. Assume a population standard deviation of $14.530. Report the value. What is is your conclusion?

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    Null hypothesis H0: mu<=$74,914
    Alternative hypothesis Ha: mu>$74,914

    Given xbar=74695, n=112, sigma=14530. ...

    Solution Summary

    The solution reports the value for the average income of sold proprietor CPA.