A random sample of 49 credit ratings is obtained, and it is found that they have a (sample) mean of 679.3 and a sample standard deviation of 95.9. Using a 0.05 level of significance, test the claim that these credit ratings are from a population with a mean that is equal to 700.
H0: µ=700
HA: µ≠700
Test statistic (t) = -1.76
P-Value = 0.097
Conclusion: Fail to reject the null hypothesis. There is not enough statistical evidence to conclude that the mean is different than 700.