Ruth's gross biweekly pay is $1805. To maintain her current lifestyle, how much should she save up by the time she retires?
2 answers:
Answer:
The answer is $469,300.
Step-by-step explanation:
Ruth's gross biweekly pay is $1805.
Now we will multiply this by 26 to get the yearly salary. Bi weekly means paid twice a month.
This means her yearly pay will be = dollars
To maintain her current lifestyle, Ruth should save at least 10 times the money.
So, the amount becomes dollars
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Answer:
Step-by-step explanation:
Cross multiply
Divide by 39
Answer:
(a) C: 0.0465 ; reject the null hypothesis
(b) B: 0.3409 ; fail to reject the null hypothesis
Step-by-step explanation:
Firstly, the decision rule based on P-value to reject the null hypothesis or fail to reject the null hypothesis is given by;
- If the P-value of test statistics is less than the level of significance, then we have sufficient evidence to reject our null hypothesis.
- If the P-value of test statistics is more than the level of significance, then we have insufficient evidence to reject our null hypothesis due to which we fail to reject our null hypothesis.
(a) Now, we are given alternate hypothesis, : p < 3/5
Also, z test statistics is -1.68. Since this is a left tailed test, so P-value is given by;
P-value = P(Z < -1.68) = 1 - P(Z 1.68)
= 1 - 0.95352 = <u>0.0465</u>
Since, the P-value of test statistics is less than the level of significance as 0.0465 < 0.05, so we have sufficient evidence to reject our null hypothesis due to which <u>we reject the null hypothesis.</u>
(b) Now, we are given alternate hypothesis, : p > 0.383
Also, z test statistics is 0.41. Since this is a right tailed test, so P-value is given by;
P-value = P(Z > 0.41) = 1 - P(Z 0.41)
= 1 - 0.6591 = <u>0.3409</u>
Since, the P-value of test statistics is more than the level of significance as 0.3409 > 0.05, so we have insufficient evidence to reject our null hypothesis due to which <u>we fail to reject the null hypothesis.</u>