Consider the following competing hypotheses: H0: xy 0 HA: xy < 0 The sample consists of

Question:

Consider the following competing hypotheses:
H0: ρxy ≥ 0
HA: ρxy < 0
The sample consists of 30 observations and the sample correlation coefficient is -0.60.
a. Calculate the value of the test statistic.
b. Approximate the p-value.
c. At the 5% significance level, what is the conclusion to the test? Explain.