The CEO of a company has always assumed her customers spend $500 per year on average. To test the validity of this you conduct a survey of 32 customers and find an average annual spend of $484.50 with...

The CEO of a company has always assumed her customers spend $500 per year on average. To test the validity of this you conduct a survey of 32 customers and find an average annual spend of $484.50 with standard deviation of $45. Perform a hypothesis test at a 5% significance level using the p-value approach.

(three decimals for both numerical answers)

What is the value of the test statistic?

What is the p-value for this hypothesis test?

Do you reject the null? (yes/no)