True or false: A bank tests the null hypothesis that the mean age of the bank's mortgage holders is less than or equal to 45 years, versus an alternative that the mean age is greater than 45 years. They take a sample and calculate a p-value of 0.0202.
The null hypothesis would be rejected at a significance level of a = 0.01.

Question

True or false: A bank tests the null hypothesis that the mean age of the bank's mortgage holders is less than or equal to 45 years, versus an alternative that the mean age is greater than 45 years. They take a sample and calculate a p-value of 0.0202.
The null hypothesis would be rejected at a significance level of a = 0.01.

Accepted Answer

∻Solution by Steps∻ ‖ step 1 ⋮ Determine the p-value and the significance level (alpha) for the hypothesis test. ‖ ‖ step 2 ⋮ Compare the p-value to the significance level: p-value = 0.0202, alpha = 0.01. ‖ ‖ step 3 ⋮ Decide whether to reject the null hypothesis: If p-value < alpha, reject the null hypothesis; otherwise, do not reject it. ‖ ‖ step 4 ⋮ Since the p-value (0.0202) is greater than alpha (0.01), we do not reject the null hypothesis. ‖ ∻[1] Answer∻ ⚹ False ⚹ ∻Key Concept∻ ⚹Hypothesis Testing and Significance Level⚹ ∻Explanation∻ ⚹In hypothesis testing, if the p-value is less than the significance level (alpha), the null hypothesis is rejected. In this case, the p-value is greater than alpha, so the null hypothesis is not rejected.⚹◊What is the critical value for rejecting the null hypothesis at a significance level of $a = 0.01$ based on the given p-value of 0.0202⍭ Generate me a similar question◊

Sia