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 53.4, 65.6, 50.2, 53.4, 46.5, 46.3, 50.4, and 40.3 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.

Calculate the test statistic.

t =

Calculate theP-value.

P-value=