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...

Extracted text: 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.