A shareholders' group, in lodging a protest, claimed that the mean tenure for a chief executive office was at least nine years. A survey of companies reported in the Wall Street Journal found a sample mean tenure time of 7.27 years with a standard deviation of 6.38 years.
a. Formulate hypotheses that can be used to challenge the validity of the claim made by the shareholders group.
b. Assume 85 companies were included in the sample. What is the p value and you conclusion at an alpha level of .01.