The charitable foundation for a large metropolitan hospital is conducting a study to characterize its donor base. In the past, most donations have come from relatively wealthy individuals. The average annual donor income in last year's survey was $100,000. The foundation believes the average has increased since then. A random sample of 150 current donors showed a mean annual income of $103,157 and a standard deviation of $27,498.

Do the sample results of the current donors provide convincing evidence, at the 5% level, that the mean annual income has increased?

Conduct a hypothesis test.

1.Determine the null hypothesis:

2.Determine the alternative hypothesis 3.Figure out which test to use 4.Write down the sampling distribution 5. Summarize the data into an appropriate test statistic. 6. Find the p value. 9.Decide whether or not the result is statistically significant based on the p value. 10. Report the conclusion, reject/accept null hypothesis