K M N A marketing company bases charges to a client on the assumption that telephone surveys can be completed in a mean time of 15 minutes or A sample of 35 surveys provided the survey times shown on the left. The population standard deviation is assumed known with 4 minutes. (5 a) Formulate the null and alternative hypotheses for this application. b) Compute the sample mean. .compute the test statistic. dj Test the hypothesis at 5% significance level using the p-value approach. State the p-value and test conclusion. e) Based on the sample statistics, is the premium rate justified? (Hint: If the population mean is over 15 minutes, the premium rate is not justifSolve using Excel A marketing company bases charges to a client on the assumption that telephone surveys can be completed in a mean time of 15 minutes or less. If a longer mean survey time is necessary, a premium rate is charged. A sample of 35 surveys provided the survey times shown on the left. The population standard deviation is assumed known with 4 minutes. (5 points) Data Time 17 11 12 23 20 23 15 16 23 22 18 23 25 14 12 12 20 18 12 19 11 11 20 21 11 18 14 13 13 19 16 10 22 18 23