The average cost of tuition and room and board at a small private liberal arts college is reported to be $8,500 per term, but a financial administrator believes that the average cost is higher. A study conducted using 350 small liberal arts colleges showed that the average cost per term is $8,745. The population standard deviation is $1,200. Let α = 0.05. What is the test statistic for this test? Select one: a. ±3.82 b. +0.204 c. -3.82 d. +3.82