A group of young businesswomen wish to open a high fashion boutique in a vacant store but only if the average income of households in the area is at least $25,000. A random sample of 9 households showed the following results.

$28,000 | $24,000 | $26,000 | $25,000 |

$23,000 | $27,000 | $26,000 | $22,000 |

$24,000 |

Assume the population of incomes is normally distributed.

a. | Compute the sample mean and the standard deviation. |

b. | State the hypotheses for this problem. |

c. | Compute the test statistic. |

d. | At 95% confidence using the p-value approach, what is your conclusion? |