According to a financial planner, individuals should in theory save 7% to 10% of their income over their working life, if they desire a reasonably comfortable retirement. An agency wants to test whether this actually happens with people in the United States, suspecting the overall savings rate may be lower than this range. A random sample of 41 individuals revealed the following savings rates per year:

4, 0, 1.5, 6, 3.1, 10, 7.2, 1.2, 0, 1.9, 0, 1.0, 0.5, 1.7, 8.5, 0, 0, 0.4, 0, 1.6, 0.9, 10.5, 0, 1.2, 2.8, 0, 2.3, 3.9, 5.6, 3.2, 0, 1, 2.6, 2.2, 0.1, 0.6, 6.1, 0, 0.2, 0, 6.8

Conduct the test and state your conclusions. Use the lower value, 7%, in the null hypothesis. Use α = 0.01. Interpret.