Question: The average retirement age for a certain country was reported to be 56.9 years according to an international group dedicated to promoting trade and economic
The average retirement age for a certain country was reported to be 56.9 years according to an international group dedicated to promoting trade and economic growth. With the pension system operating with adeficit, a bill was introduced by the government during the summer to raise the minimum retirement age from 60 to 62. Suppose a survey of 42
retiring citizens is taken to investigate whether the new bill has raised the average age at which people actually retire. Assume the standard deviation of the retirement age is
6 years. Using =0.05
b. Calculate the probability of a Type II error occurring if the actual population age is 58.2 years old.
c. Calculate the probability of a Type II error occurring if the actual population age is 59.7 years old.
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