The average cost of tuition plus room and board for 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 a = 0.05. Based on the computed test statistic or p-value, what is our decision about the average cost? O Greater than $8,500 O Less than $8,500 O Not equal to $8,500 O Equal to $8,500

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The average cost of tuition plus room and board for 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 a = 0.05. Based on the computed
test statistic or p-value, what is our decision about the average cost?
Greater than $8,500
Less than $8,500
Not equal to $8,500
Equal to $8,500
Transcribed Image Text:The average cost of tuition plus room and board for 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 a = 0.05. Based on the computed test statistic or p-value, what is our decision about the average cost? Greater than $8,500 Less than $8,500 Not equal to $8,500 Equal to $8,500
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