Solve the following problem on hypothesis testing.

2. The minimum wage earners of the National Capital Region are believed to be receiving less than or equal to #500 per day. The CEO of a large supermarket chain in the region is claiming to be paying its contractual higher than the minimum daily wage rate of P500. To check on this claim, a labour union leader obtained a random sample of 150 contractual employees from this supermarket chain. The survey of their daily wage earnings resulted to an average wage of P515 per day with standard deviation of P100. The daily wage of the region is assumed to follow a distribution with an unknown population standard deviation. Perform a test of hypothesis at 5% level of significance to help the labour union leader make an empirical based conclusion on the CEO's claim