A company is developing a new high performance wax for cross country ski racing. In order to justify the price, marketing wants the wax to be very fast. Specifically the mean time to finish their standard test course should be less than 55 seconds for a former Olympic champion. To test it, the champion will ski the course 8 times.

The champions times (selected at random) are 58.8, 60.9, 51.6, 51.3, 48.9,47.6, 51.7 and 43.4 seconds to complete the test course. Should they market the wax? Assume assumptions and conditions for appropriate hypothesis testing are met for the same. Assume a=0.05.

Calculate the test statistic

t=_____

Calculate the P-value

P-Value =_______