According to Fidelity Investments, the average 401(k) account balance was $99,900 in 2017. To test if this average has recently changed, suppose a sample of 30 401(k) plans was recently selected, and it was found that the average 401(k) balance was $110,110. Assume the population standard deviation is $27,140. Using α = 0.02, answer the following:

a. State the null and alternative hypothesis.

b. What conclusions can be made about the current average balance of 401(k) accounts?

c. Determine the p-value for this test and interpret its meaning.