The public relations officer for a particular city claims the average monthly cost for children outside the home for a single child is at least $700. A potential resident is interested in whether the claim is correct. She obtains a random sample of 100 records and computes the average monthly cost of this type of childcare to be $ 705. Assume the population standard deviation is $25. Use a=0.01 level of significance. a) Step 1: State the null and alternative hypotheses. b)Step 2: Write down (i)the appropriate test statistic (formula) (ii)and the rejection region of your test (report z critical(s)) c) Step 3: Compute the value of the test statistic (z observed) d)Step 4: State your conclusion: (i) Reject Ho Do not reject Ho (Just circle the answer ) (ii )in one sentence apply the results to the problem. (iii) What type of mistake could you have made in your hypothesis test? (Just circle the correct answer) Type I Type II None e)Step 5: (i) Compute the p- value for this test. (ii) What is your decision ? Reject Ho Do not reject Ho (Just circle the correct answer)