After many years working at a beauty counter at a department store, Lisa decides to open her own store. She needs to set up a business plan proposal to get a loan from a bank. Her preliminary research found that women in the country spend a mean of $59 on fragrance products every three months. If she can prove that the mean amount spent in her town is higher, then she is more likely to get a loan. Lisa takes a random sample of 25 women and finds a sample mean of $68 and a sample standard deviation of $15.
a) Write down the null and alternative hypothesis.
b) What is the value of the test statistic?
c) According to part (10.73b), which of the following appears to be the p-value?
(i) 0.15;

(ii) 0.003;

(iii) 0.006;

(iv) 1

d) For a significance level of α = 0.01, do you reject the null hypothesis?
e) Write a statistical conclusion.
f) Any assumptions being taken to perform the hypothesis test?