The mean annual starting salaries for college graduates with a degree in Operations Management was $65,000. We would like to determine whether or not this has decreased this year due to the pandemic. Data were collected over the annual starting salaries from a random sample of 40 Operations Management graduates. The average salary is $63,500 in the sample. Assume the standard deviation for the population of annual salaries is $3500. Let denote the average annual starting salaries among all Operations Management graduates this year. Required:
What is the value of the appropriate test statistic?