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T test for whether people make more money as they get older.

Complete a T-test for the following data: Use Excel.

Do people, regardless of individual issues, in general make more money as they get older? Below is a data list.
The random error for this test comes from the fact that salary can have a variety of ranges based on type of occupation, personal ability, plus many other items. What we are saying is that primarily people make more money as they get older regardless of other issues. We are using a large sample group for a better analysis.We can expect a positive slope (you make more money as you get older) so we can use a right tailed test which means we can reject a null hypothesis. Speaking of which:

H0: B1 = 0

H1: B1 > 0

The null stating that there would be no change signified by a zero slope. The alternate stating there will be a change for the positive by age.

X11: age - X1: wages
18- $11,186
19- 20,852
20- 10,997
21- 13,787
21- 14,476
22- 15,234
22- 16,667
22- 19,452
23- 39,888
24- 13,162
24- 20,793
25- 13,481
25- 16,789
25- 19,284
26- 11,451
26- 11,702
26- 33,351
26- 37,771
27- 13,312
27- 25,670
27- 29,191
27- 41,780
28- 15,957
28- 25,166
28- 29,977
28- 30,308
28- 83,443
29- 21,716
29- 33,461
30- 28,219
31- 31,691
31- 52,762
31- 60,626
32- 16,796
32- 17,690
32- 22,133
32- 32,094
32- 35,185
33- 15,193
33- 19,227
33- 75,165
34- 44,543
34- 50,235
35- 24,509
35- 29,407
35- 34,746
36- 18,121
36- 28,168
36- 33,498
36- 68,573
37- 26,614
37- 29,390
38- 33,411
40- 22,485
41- 55,777
41- 83,601
42- 13,318
42- 21,994
42- 28,440
42- 32,138
42- 33,389
42- 50,187
43- 15,013
43- 29,809
43- 30,133
43- 31,799
43- 37,664
44- 16,817
44- 66,738
46- 9,879
47- 34,484
48- 31,304
48- 49,974
49- 19,306
49- 30,006
49- 33,959
50- 11,780
51- 49,898
52- 17,694
52- 57,623
53- 83,569
54- 23,027
54- 32,786
55- 46,646
56- 20,852
56- 32,235
57- 19,388
57- 26,795
57- 26,820
57- 31,702
57- 50,171
58- 36,178
59- 15,160
60- 12,285
60- 60,152
61- 29,736
61- 45,976
62- 18,752
63- 17,626
64- 19,981

Solution Summary

T tests for whether people make more money as they get older is determined. The expert uses Excel.

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