Sample Size n: 500

Sample Mean: 250761.733

Standard Deviation: 77645.7458

We are to carry out a 1-tailed hypothesis test:

Population mean (target mean): 342,365

Sample Size n: 500

Sample Mean: 25761.733

Standard Deviation: 77645.7458

Standard Error: 3468.95609

I need to calculate the probability (pvalue).

[Note: This calculation is done with the T.DIST.RT function in Excel: =T.DIST.RT([test statistic], [degree of freedom]). The degree of freedom is calculated by subtracting 1 from your sample size.]

Interpretation:

Relate the pvalue and significance level.

Make the correct decision (reject or fail to reject).

Provide a conclusion in the context of your hypothesis.