Assignment:
According to the U.S. Department of Transportation, the median age of automobiles and trucks on the road in the United States is about 8 years. The ages for a random sample of vehicles in the executive parking lot of a metal fabrication company. Using the sign test and the 0.05 level of significance, examine whether the median age for cars driven to work by the company’s executives might be less than the median reported by the Department of Transportation. Identify and interpret the p-value for the test.
Provide complete and step by step solution for the question and show calculations and use formulas.