The average salary of graduates entering the actuarial field is reported to be $40,000.

a.        State the null and alternative hypothesis and identify the claim;

b.        Find the critical value(s) at α = 0.05.

c.         Compute the test statistic value;

d.        Determine whether you should accept or reject the null.

e.        Can it be concluded that the average salary of graduates entering the actuarial field is $40,000.