1. Test statistic:
To find the test statistic, we use the formula:
Solving for Z, we have:
Thus, the test statistic is 1.421
2. P-value:
To find the p-value, we check the Z-distribution table.
The value for the p-value is
(We multiply by 2 because it is a two-tailed test.
3. Comparison:
The alpha level is 0.001.
Thus, the p-value is greater than the alpha level