A random sample of 20 purchases showed the following amounts (in $)

39.05

2.73

32.92

47.51

37.91

34.35

64.48

51.96

56.95

81.58

47.80

11.72

21.57

40.83

38.24

32.98

75.16

74.3

47.54

65.62

An analyst wants to know if the mean purchase amount of all transactions is at least $40?Assume a significance level of 5%.

a)What is the null hypothesis?

b)Is the alternative hypothesis one-sided or two-sided?

c)What is the value of the test statistic?

d)What is the p-value of the test statistic?

e)What do you conclude at alpha = .05?