Here the new value is N(521, 120)

More than 200,000 people worldwide take the GMAT examination each year. GMAT scores are N(527, 300). A simple random sample of 50 students from ECON 2040 take the GMAT and achieve a mean score of 531.5. Perform a hypothesis test to determine whether the average score on the GMAT for ECON 2040 students is better than the worldwide score using an alpha - 0.10 level of significance. The steps are as follows: i. Write the hypothesis being tested. ii. Calculate the test statistic for the hypothesis test