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The board of a major credit card company requires that the mean wait time for customers...

The board of a major credit card company requires that the mean wait time for customers when they call customer service is at most 3.00 minutes. To make sure that the mean wait time is not exceeding the requirement, an assistant manager tracks the wait time of 45 randomly selected calls. The mean wait time was calculated to be 3.40 minutes. Assuming the population standard deviation is 1.45 minutes, is there sufficient evidence to say that the mean wait time for customers is longer than 3.00 minutes with a 98% level of confidence? Interpret results.

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