The starting salary of Bachelor of Business graduates in Australia is known to be normally distributed. An Australian university claims that the average starting salary of its graduates has increased since 2017. The average salary in 2017 was $60,000. A sample of 36 graduates were chosen from the batch of 2021. The average salary and the standard deviation in the sample was found to be $62,000 and $4,800 respectively. A prospective student wishes to investigate the Universitys claim at 1% level of significance. Use the following 6 step procedure to arrive at your conclusion. Step 1. Statement of the hypotheses Step 2. Test statistic and the standardised test statistic Step 3. Level of significance Step 4. Decision rule Step 5. Computation of the value of the test statistic Step 6. Conclusion