A budget controller would like to test the claim that the average monthly amount spent on travel expenses at a small company is different than 65 hundred dollars. To test this claim, at the 1% significance level, the budget controller collects the following data on a sample of 18 months and records the amount spent on travel expenses. The following is the data from this study:
Sample size =18 months
Sample mean =61.5 hundred dollars
Sample standard deviation =6.5 hundred dollars