A shareholders' group, in lodging a protest, claimed that the mean tenure for a chief executive office (CEO) was at least eight years. A survey of companies reported in the Wall Street Journal found a sample mean tenure x = 7.56 of years for CEOs with a standard deviation of years s = 6.67 years.
A. Formulate hypotheses that can be used to challenge the validity of the claim made by the shareholders' group.
B. Assume 70 companies were included in the sample. What is the p-value for your hypothesis test?
C. At α = 0.02, what is your conclusion?
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