Solution :
The null and alternative hypothesis is ,
H0 : = $180,000
Ha : < $180,000
Test statistic (t) =
= ( - ) / s / n
= (150,250 - 180,000) / 32,400 / 20
Test statistic = -4.11
P(z > ) = 1 - P(z < ) =
P-value = 0.0003
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