A) State Ho and H1 for this claim.
B) Is this an upper tailed, lower tailed or two-tailed test? Why?
C) State the decision rule using α = 0.05 significance level? [First find out tabular or critical z value using standard normal distribution table. Then, state the condition under which Ho is rejected).
D) Compute Z- statistic (z-calculated). z = .
E) What is the p-value? [To get the p-value for one-tailed test, first get the probability value in the normal distribution table using the computed Z value or use the web-based calculator at following link: http://www.graphpad.com/quickcalcs/PValue1.cfm].
F) What is your decision regarding Ho? ACCEPT or REJECT? Why?
G) Write your conclusion regarding the CFO’s claim? Was the claim correct or incorrect?
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