At the 0.01 level of significance, can it be concluded that John is overestimated his sales? … (ie. his sales might be less than he claimed

A First Course in Probability (10th Edition)
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ISBN:9780134753119
Author:Sheldon Ross
Publisher:Sheldon Ross
Chapter1: Combinatorial Analysis
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Problem 1.1P: a. How many different 7-place license plates are possible if the first 2 places are for letters and...
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(b) The team at the Natural-Life company goes out to the city to sell daily. John is a member of the team. He claims that on average, he sells $50,000 worth of their product to each store that he visits per week. The new manager is wary of this claim and believes he may be overstating his sales. To test the claim, the manager took a random sample of 27 stores that the sales representative usually visits weekly and found that the mean amount earned was $48,950 with a standard deviation of $1,250.

At the 0.01 level of significance, can it be concluded that John is overestimated his sales? … (ie. his sales might be less than he claimed)

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