Describe steps of hypothesis testing

Reference no: EM13110370

The American Bar Association conducted a survey in 1986 showed that the average income of lawyers in 1986 was $ 120,000. An investigator took a sample of 64 lawyers in 1990, produced a median income of $ 140,000 with a standard deviation of $ 24.5000. Test the hypothesis at significance level of 5% if the median income of lawyers is more than $ 120,000. Show the steps of hypothesis testing and explain the conclusion.

Reference no: EM13110370

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