According to the Democratic Chronicle article Millions forfeited in health accounts, an estimated $210 million is forfeited each year

According to the Democratic Chronicle article "Millions forfeited in health accounts", an estimated $210 million is forfeited each year because employees do not use all of the money they contributed to their medical flexible spending accounts. The average amount put into these accounts annually is about $1000. Suppose a random sample of 150 employees at a local business was taken in 2005 and an average amount of $925 was deposited into their flexible spending accounts. Test the hypothesis that there was no significant change in the average flexible spending amounts despite the millions of dollars forfeited. Assume that Ï =$307 per year. Use α = 0.05.a. Define the parameter.b. State the null and the alternative hypothesesc. Specify the hypothesis test criteriad. present the sample evidencee. Find the probability distribution informationf. determine the results.

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