BADM 216 Homework 6 1. The Bureau of Labor Statistics reported that the average yearlyincome of dent

BADM 216 Homework 6 1. The Bureau of Labor Statistics reported that the average yearlyincome of dentists in the year 2009 was $110,000. Dr. Smith thinksthere has been a significant increase in the average yearly income ofdentists. He has a dataset of a sample of 81 dentists, which was takenin 2010, showed an average yearly income of $120,000. Assume thestandard deviation of the population of dentists in 2010 is $36,000.Please answer the following questions:(a Develop appropriate null and alternative hypotheses such) that rejection of H0 will support Dr. Smith’s argument.(b Compute the test statistic.)(c Determine the p-value; and at 95% confidence, test the) hypotheses.[Hint: This is an One-tailed Hypothesis Testing. Please see Chap009 –Slides 17-30 for detailed explanation. Please also see page 383-389 inthe textbook.]2. A sample of 64 account balances from a credit company showed anaverage daily balance of $1,040. The standard deviation of thepopulation is known to be $200. We are interested in determining ifthe mean of all account balances (i.e., population mean) issignificantly different from $1,000.Questi Using the p-value approach at 95% confidence, test the above on:hypotheses.[Hint: This is a Two-tailed Hypothesis Testing. Please see Chap009 –Slides 31-41 for detailed explanation. Please also see page 389-393 inthe textbook.] Please type your answer and the steps of computation in a Word file.(Please DO NOT just write the answer. Show the steps that yousolve the problems. Partial credit will be given based on yourcomputation steps.) Please save the file as “BADM216 Hw6_Your FirstName_Your Last Name.docx†and submit through Canvas.Due Date: May 7th, 2017, Sunday, 11:00PM.