The Average Cost of Tuition, Room and Board at Small

question 10

Multiple Choice

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?

• A) 0.0000
• B) 0.0124
• C) 0.0500
• D) 0.4938

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