An engineer has designed a valve that will regulate water pressure on an automobile engine. The valve was tested on 100 engines and the mean pressure was 4.9 lbs/square inch. Assume the standard deviation is known to be 0.7. If the valve was designed to produce a mean pressure of 4.7 lbs/square inch, is there sufficient evidence at the 0.02 level that the valve performs above the specifications? State the null and alternative hypotheses for the above scenario.