According to a Gallup poll, saving for retirement remains America’s top financia

Question

According to a Gallup poll, saving for retirement remains America’s top financial worry. Professor Bunn studies accounting and wants to know the true average age at which current peace university students expect to retire. A recent survey asked the question, "At what age do you expect to retire?"

Using only the data provided below:

The results of the survey are given below.

65

1.Which one value is your best estimate of the true average age at which current peace university students expect to retire?

2. Is it likely that your answer to question 1 is the exact value of the true average? Explain using complete sentences.

3. Between which values is the average age at which current peace university students expect to retire likely to fall? Show all work including any Excel functions used

4. How confident are you in this answer? Explain what this means to someone who has never heard of confidence in statistics. Hint: Do not interpret the confidence interval.

5. How would your answer to question 3 change if you were given twice as many data points? Explain using complete sentences

6.   Professor Bunn believes that the true average age at which current peace university students expect to retire is 72.

a.       Does this agree or disagree with your answer?b.       Is it likely that Professor Bunn is correct? Explain using complete sentences.

Is it possible that Professor Bunn is correct? Explain using complete sentences.

A recent survey asked the question, "At what age do you expect to retire?"

The results of the survey are given below.

55 65 50 58 60 60 65 65 50 90 65 55 95 65 65 70 60 65 100 65 70 75 65 70 55 65 70 70 60 64 65 80 55 65 65 70 60 55 65 66 65 70 50 50 50 65 65 70 70 65 55 65 80 50 70 42 65 70 65 55 90 75 40 65 65 60 65 65

65

1.Which one value is your best estimate of the true average age at which current peace university students expect to retire?

2. Is it likely that your answer to question 1 is the exact value of the true average? Explain using complete sentences.

3. Between which values is the average age at which current peace university students expect to retire likely to fall? Show all work including any Excel functions used

4. How confident are you in this answer? Explain what this means to someone who has never heard of confidence in statistics. Hint: Do not interpret the confidence interval.

5. How would your answer to question 3 change if you were given twice as many data points? Explain using complete sentences

6.   Professor Bunn believes that the true average age at which current peace university students expect to retire is 72.

a.       Does this agree or disagree with your answer?b.       Is it likely that Professor Bunn is correct? Explain using complete sentences.

Is it possible that Professor Bunn is correct? Explain using complete sentences.

Explanation / Answer

Answer:

1.Which one value is your best estimate of the true average age at which current peace university students expect to retire?

best estimate of the true average age = 64.6377 years

Descriptive statistics

Age

count

69

mean

64.6377

sample standard deviation

10.6384

sample variance

113.1756

2. Is it likely that your answer to question 1 is the exact value of the true average? Explain using complete sentences.

No, it is not exact value of the true average because it is sample mean and some sampling error may be present.

3. Between which values is the average age at which current peace university students expect to retire likely to fall? Show all work including any Excel functions used

Table value t at 69-1 = 68 DF is 1.9955

CI = ar x pm t* rac {s}{sqrt{n}}

= 64.6377 pm 1.9955* rac {10.6384}{sqrt{69}}

=(62.08, 67.19)

4. How confident are you in this answer? Explain what this means to someone who has never heard of confidence in statistics. Hint: Do not interpret the confidence interval.

We are 95% confident that true average age at which current peace university students expect to retire likely to fall in the interval (62.08, 67.19).

5. How would your answer to question 3 change if you were given twice as many data points? Explain using complete sentences.

When the sample size increases, the confidence interval decreases.

6.   Professor Bunn believes that the true average age at which current peace university students expect to retire is 72.

a.       Does this agree or disagree with your answer?

This disagree with our answer.

b.       Is it likely that Professor Bunn is correct? Explain using complete sentences.

It is not likely that Professor Bunn is correct because 72 is not falls in the 95% CI (62.08, 67.19).

Descriptive statistics

Age

count

69

mean

64.6377

sample standard deviation

10.6384

sample variance

113.1756

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