A local bank claims that the waiting time for its customers to be served is the lowest in the area. A competitor bank checks the waiting times at both banks. The sample statistics are listed below. Test the local bank’s claim. Use the information given below. State the null and alternative hypotheses, the significance level, the critical value, the test statistic, the decision and conclusion.n2 = 50 Average waiting2.6 min.for each sampleSample Standards2 = 1.0 min.each sampleA local bank claims that the waiting time for its customers to be served is the lowest in the area. A competitor bank checks the waiting times at both banks. The sample statistics are listed below….