Customers at Costco spend an average of $130 per trip (The Wall Street Journal, October 6, 2010). One of Costco's rivals would like to determine whether its customers spend more per trip. A survey of the receipts of 25 customers found that the sample mean was $135.25. Assume that the population standard deviation is $10.50 and that spending follows a normal distribution. Use Table 1.
a. Specify the appropriate null and alternative hypotheses to test whether average spending at the rival's store is more than $130.
H0: μ ≥ 130; HA: μ < 130
H0: μ = 130; HA: μ ≠ 130
H0: μ ≤ 130; HA: μ > 130
b. Calculate the value of the test statistic. (Round your intermediate calculations to 4 decimal places and final answer to 2 decimal places.)
c. Calculate the p-value. (Round your answer to 4 decimal places.)