3. The average annual income of 100 randomly chosen residents of Santa Cruz is $45,221 with a standard deviation of $30,450. a.
What is the standard deviation of the mean annual income? b. Test the 1-sided hypothesis that the average annual income is $40,000 against the alternative that it is less than $40,000 at the 10% significance level. c. Test the 2-sided hypothesis that the average annual income is equal to $42,000 against the alternative that it is not at the 5% significance level. d. What is the confidence interval for part (c)? e. What is the p-value for part (b)? f. Do you reject or fail to reject part (c)? Please write your answer and a complete, accurate, sentence.