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Given the following figures,by approximately what percentage did Mike's real income increase between 2004 and 2005?
Mike's 2004 money income = $50,000
Mike's 2005 money income = $55,000
2004 CPI = 120.0
2005 CPI = 128.0
Region Of Rejection
Values of a statistic that result in the decision to reject the null hypothesis.
Alpha
The significance level set for a statistical hypothesis test, representing the probability of rejecting a true null hypothesis.
Critical Values
Threshold values that define boundaries for decision-making in hypothesis testing; values beyond these thresholds lead to rejection of the null hypothesis.
Null Hypothesis
The hypothesis that there is no significant difference or effect, used as a starting point in statistical testing.
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