The average cost of tuition, room and board at small private liberal arts colleges 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 with a standard deviation of $1,200. Let = 0.05. What is the p-value for this test? Select one: a.0.894 b.0.134 O c.0.812 O d.0.121 e.0.0000

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The average cost of tuition, room and board at small private liberal arts colleges 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 with a standard deviation of $1,200. Let = 0.05. What is the p-value
for this test?
Select one:
a.0.894
b.0.134
c.0.812
d.0.121
e.0.0000
Transcribed Image Text:The average cost of tuition, room and board at small private liberal arts colleges 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 with a standard deviation of $1,200. Let = 0.05. What is the p-value for this test? Select one: a.0.894 b.0.134 c.0.812 d.0.121 e.0.0000
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