Suppose Australian Securities and Investments Commission (ASIC) encourages Australian companies to hire more employees with business degrees in their finance team. In 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. In the end of year, due to the limited budget, they selected a sample of 300 firms and find the average percentage of business graduate employees is 59%. Assuming the population of business graduate employee percentage is of Normal distribution. Required: 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.)