Please help me understand...

Let x be a random variable representing dividend yield of bank stocks. We may assume that x has a normal distribution with = 2.4%. A random sample of 10 bank stocks gave the following yields (in percents).

5.7 4.8 6.0 4.9 4.0 3.4 6.5 7.1 5.3 6.1

The sample mean is = 5.38%. Suppose that for the entire stock market, the mean dividend yield is = 5.0%. Do these data indicate that the dividend yield of all bank stocks is higher than 5.0%? Use = 0.01.

(a) What is the level of significance? (Enter a number.)

State the null and alternate hypotheses. Will you use a left-tailed, right-tailed, or two-tailed test?

H₀: = 5%; H₁: > 5%; right-tailed

H₀: = 5%; H₁:

H₀: > 5%; H₁: = 5%; right-tailed

H₀: = 5%; H₁: 5%; two-tailed

(b)What sampling distribution will you use? Explain the rationale for your choice of sampling distribution.

The Student's t, since n is large with unknown .

The standard normal, since we assume that x has a normal distribution with known .

The Student's t, since we assume that x has a normal distribution with known .

The standard normal, since we assume that x has a normal distribution with unknown .

Compute the z value of the sample test statistic. (Enter a number. Round your answer to two decimal places.)

(c) Find (or estimate) the P-value. (Enter a number. Round your answer to four decimal places.)