TEST STATISTIC
The formula used to calculate the test statistic is given to be:
The following parameters are provided in the question:
Substituting these values, we can calculate the test statistic to be:
Therefore, the test statistic is gotten to be -1.595
P-VALUE
To calculate the p-value, we can use an online distribution calculator. This is shown below:
From the calculator above, the p-value is:
The significance level, α, is 0.02.
Therefore, the p-value is greater than α.
Thus, we do not reject the hypothesis.