Grace Floral Shop claims that their average daily earnings is $497. An auditor wants to determine whether this claim is true. The auditor randomly selected a sample of 100 days and found that the...

Grace Floral Shop claims that their average daily earnings is $497. An auditor wants to determine whether this claim is true. The auditor randomly selected a sample of 100 days and found that the sample mean earnings was $495 with a sample standard deviation of 9.75.

a) Calculate the 97% confidence interval for the population mean daily earning.
Assist the auditor in conducting a hypothesis test, at the 3% level of significance, to determine
whether the claim about their average daily earnings was overstated.
b) State the null and the alternative hypothesis for this test.
c) Using the p-value approach, state the decision rule for this test.
d) Calculate the value of the test statistic for this test.
e) Calculate the p-value for this test?
f) State the conclusion of this test. Give reason for your answer.