Assignment task: Solve the hypothesis testing case below
According to marketing personnel, the daily revenue target of a new product set by management was $100,000 per day. The marketing personnel convened a survey to measure the daily revenue of the new product to determine if the average actual revenue was below the target. The data collected is shown in a table in Appendix 1. Determine if the population mean daily revenue of the product was below the target with a hypothesis test at 1% level of significance.