A pharmaceutical company has developed a new drug to reduce cholesterol. A regulatory agency will recommend the new drug for use if there is convincing evidence that the mean reduction in cholesterol level after one month of use is more than 20 milligrams/deciliter (mg/dL), because a mean reduction of this magnitude would be greater than the mean reduction for the current most widely used drug. The pharmaceutical company collected data by giving the new drug to a random sample of 50 people from the population of people with high cholesterol. The reduction in cholesterol level after one month of use was recorded for each individual in the sample, resulting in a sample mean reduction and standard deviation of 24 mg/dL and 15 mg/dL, respectively. Do the data provide convincing statistical evidence that the regulatory agency should recommend the new drug for use? Conduct an appropriate hypothesis test at the 5% significance level to help you make a decision. You may assume that the assumptions for inference are met