Mathematics, 19.04.2021 07:40, Kinkela

The average cost of tuition plus room and board for a small private liberal arts college is reported to be $9,000 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 $9,295. The population standard deviation is $1,200. Let α = 0.05. Based on the computed test statistic or p-value, what is our decision about the average cost?

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The average cost of tuition plus room and board for a small private liberal arts college is reported...