A researcher wants to test the relationship between the number of years of formal education received (X;) and the average weekly earnings (Y;) (measured in hundred dollars). A report released by a government agency suggests that the average weekly earnings of individuals with no formal education is equal to $429. The researcher wants to test whether the average weekly earnings with no formal education is $429 or greater than that. He collects data from a sample of 100 individuals and estimates the following regression function: Ŷ₁ = 7.14+3.14X;, (3.24) (2.18) where ŷ, is the predicted value of the weekly earnings for the 1th individual and the standard errors for the coefficients appear in parenthesis. The t-statistic for the test the researcher wants to conduct will be (Round your answer to two decimal places.) At the 5% significance level, the researcher will the null hypothesis that the average weekly earnings of individuals with no formal education is equal to $429.