tuition for the current academic year is $60,000, but the university claims that the average grants and scholarship aid received is $37,000. You want to check and see if the tuition net of aid is in fact $23,000, so you ask a random sample of n = 20 students what net tuition they pay. From your survey you find ?̅ = $25,000 with a sample standard deviation of s = $5,000. Test your hypothesis at the 90% confidence level using the p

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tuition for the current academic year is $60,000, but the university claims that the average grants and scholarship aid received is $37,000. You want to check and see if the tuition net of aid is in fact $23,000, so you ask a random sample of n = 20 students what net tuition they pay. From your survey you find ?̅ = $25,000 with a sample standard deviation of s = $5,000. Test your hypothesis at the 90% confidence level using the p- value approach.

Expert Solution
Step 1

Given data :

sample size, n = 20

sample mean, x̄ = 25000.0

sample standard deviation,s= 5000.0

population mean,μ= 23000.0

Significance level, α= 0.1

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