CompetencyGiven a real-life application, develop a hypothesis test for a population parameter and its interpretation.InstructionsScenario (information repeated for deliverable 01, 03, and 04)A major client of your company is interested in the salary distributions of jobs in the state of Minnesota that range from $30,000 to $200,000 per year. As a Business Analyst, your boss asks you to research and analyze the salary distributions. You are given a spreadsheet that contains the following information:A listing of the jobs by titleThe salary (in dollars) for each jobIn prior engagements, you have already explained to your client about the basic statistics and discussed the importance of constructing confidence intervals for the population mean. Your client says that he remembers a little bit about hypothesis testing, but he is a little fuzzy. He asks you to give him the full explanation of all steps in a hypothesis testing and wants your conclusion about a claim that the average salary for all jobs in the state of Minnesota is less than $75,000.Background information on the DataThe data set in the spreadsheet consists of 364 records that you will be analyzing from the Bureau of Labor Statistics. The data set contains a listing of several jobs titles with yearly salaries ranging from approximately $30,000 to $200,000 for the state of Minnesota.What to SubmitYour boss wants you to submit the spreadsheet with the completed calculations. Your research and analysis should be present within the answers provided on the worksheet. Grading RubricFFCBA01234Not SubmittedNo PassCompetenceProficiencyMasteryNot SubmittedDid not correctly solve a majority of the problems or at least one problem left blank.Correctly solved a majority of the problems.Correctly solved almost all the problems.All problems are solved correctly.Not SubmittedVery few steps are provided to explain how to solve the problem OR the steps provided have several errors.Fairly complete and detailed steps are provided to explain how to solve the problem OR the steps provided have some errors.Mostly complete and detailed steps are provided to explain how to solve the problem.Complete and detailed steps are provided to explain how to solve the problem.Not SubmittedExplanations generally lack a basic understanding of the statistical concepts or lack of proper terminology.Explanations demonstrate a basic understanding of most of the statistical concepts and terminology, but some explanations may be incomplete or incorrect.Explanations demonstrate a proficient understanding of most of the statistical concepts and terminology, but with small errors.Explanations demonstrate a mastery of understanding of the statistical concepts and terminology.Not SubmittedThe majority of variables, equations, and expressions are not properly formatted.The majority of variables, equations, and expressions are properly formatted.Almost all variables, equations, and expressions are properly formatted.All variables, equations, and expressions are properly formatted.