Good credit: The Fair Isaac Corporation (FICO) credit score is used by banks and other lenders to determine whether someone is a good credit risk. Scores range from 300 to 850, with a score of 720 or more indicating that a person is a very good credit risk. An economist wants to determine whether the mean FICO score is more than the cutoff of 720. She finds that a random sample of 50 people had a mean FICO score of 765 with a standard deviation of 98. Can the economist conclude that the mean FICO score is greater than 720? Use the =0.01 level of significance and the P-value method with the TI-84 Plus calculator.

State the appropriate null and alternate hypotheses.