The Graduate Management Admission Test (GMAT) is taken by individuals interested in pursuing graduate management education. GMAT scores are used as part of the admissions process for more than 6000 graduate management programs worldwide. The mean score for all test takers is 563, with a standard deviation of 118.
A researcher in the Philippines is concerned about the performance of undergraduates in the Philippines on the GMAT. She believes that the mean scores for this year's college seniors in the Philippines who are interested in pursuing graduate management education will be less than 563. She has a random sample of 250 college seniors in the Philippines interested in pursuing graduate management education that take the GMAT. Suppose we know that GMAT scores are normally distributed with a standard deviation σ = 118. The null and alternative hypotheses are H₀:μ = 563 versus Hₐ:μ < 563.
Another sample of 250 students had xˉ = 540. Use the applet to find the P-value for this outcome. Give your answer to four decimal places.
P-value ______