A company is developing a new high performance wax for cross country ski racing. In order to justify the price marketingwants, the wax needs to be very fast.Specifically, the mean time to finish their standard test course should be less than 55 seconds for a former Olympic champion. To testit, the champion will ski the course 8 times. Thechampion's times(selected atrandom) are 57.5, 64.8, 47.8, 52.9, 49.8, 48.2, 50.5, and 40.7 seconds to complete the test course. Should they market thewax? Assume the assumptions and conditions for appropriate hypothesis testing are met for the sample. Use 0.05 as theP-value cutoff level.

Choose the correct null and alternative hypotheses below.

A.

H0:<55

HA:=55

B.

H0:=55

HA:>55

C.

H0:>55

HA:=55

D.

H0:=55

HA:<55

Calculate the test statistic.

t=

(Round to three decimal places asneeded.)

Calculate theP-value.

P-value=

(Round to four decimal places asneeded.)

Choose the correct conclusion below.

A. Yes, market the wax as there is insufficient evidence to conclude the mean time is less than 55 seconds.

B. Yes,market the wax as there issufficient evidence to conclude the mean time is less than 55 seconds.

C. No, do not market the wax as there is sufficient evidence to conclude the mean time is less than 55 seconds.

D. No,donotmarket the wax as there isinsufficient evidence to conclude the mean time is less than 55 seconds.