David Ricardo of Iron Law, Inc. claims that he meets the company standard of spending an average of “no more than $ 8 a day” on business lunches. As company auditor, you take a random sample of 12 of David’s recent lunch receipts and find that the average lunch check for the sample was $ 11.04, with a sample standard deviation of $ 3.40. Assume that the population of David’s lunch check amounts is normal. Using as the null hypothesis the proposition that David meets the company standard, and with a significance level of 1%, conduct the appropriate hypothesis test and report your results.