Suppose Australian Securities and Investments Commission (ASIC) encourages Australian companies to hire more employees with business degrees in their finance team. At the beginning of a year, they surveyed all companies in the market and find the average percentage of employees with business degrees in finance teams is 45% with standard deviation 7%. ASIC hence launched a program promoting the advantage of hiring business graduates. At the end of the year, due to the limited budget, they selected a sample of 300 firms and find that the average percentage of business graduate employees is 59%. Assuming the population of business graduate employee percentage is of Normal distribution.

Set up the testable hypothesis and describe how to perform the test of hypothesis. For standard normal distribution N (0,1), two-tailed 10%, 5%, 1% significance critical values are 1.65, 1.96, 2.58, respectively.