Answer:
The answer is : 70288.46
Step-by-step explanation:
Your father earned $34,000 per year in 1984.
The CPI in 2014 is 215 and the CPI in 1984 is 104.
The CPI or consumer price index examines the weighted average of prices of goods and services like transportation, food etc.
The Current income equivalent will be = value in 1984 X ( CPI in 2014/CPI in 1984)
= 70288.46
Answer:
The degrees of freedom are given by:
The p value for this case would be given by:
Since the p value is higher than the significance level we have enough evidence to FAIL to reject the null hypothesis and we can conclude that the true deviation is not ignificantly lower than 5 minutes
Step-by-step explanation:
Information given
represent the sample size
represent the confidence level
represent the sample variance
represent the value that we want to verify
System of hypothesis
We want to test if the true deviation for this case is lesss than 5minutes, so the system of hypothesis would be:
Null Hypothesis:
Alternative hypothesis:
The statistic is given by:
And replacing we got:
The degrees of freedom are given by:
The p value for this case would be given by:
Since the p value is higher than the significance level we have enough evidence to FAIL to reject the null hypothesis and we can conclude that the true deviation is not ignificantly lower than 5 minutes