According to Forbes, the average age of millionaires in the US 10 years ago was 62 years old. Since then, the number of millionaires in the US has grown to over 17 million. One prevalent belief among
economists is that the average age of millionaires today has decreased from the average age of
millionaires 10 years ago. To investigate this belief, a random sample of 50 millionaires from the US was
selected and their ages were recorded. Here are the summary statistics.
Statistic
n
Sx
Min
Q1
Med
Q3
Max
Value
50
51
10.2
18
38
50.5
72
99
Based on this sample, is there convincing evidence that the true mean age of millionaires in the US is
less than 62 years old? Use a = 0.01. Provide statistical evidence to support your answer.