The Average Cost of Tuition Plus Room and Board at Small

question 65

Multiple Choice

The average cost of tuition plus 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. The population standard deviation is $1,200. Let α = 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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Definitions:

Missing Factor

In mathematics, the unknown quantity in a multiplication problem that, when multiplied by a known quantity, gives a specific product.

Multiply

The mathematical operation of increasing one number by another number.

Combine

The process of adding or merging various elements or mathematical expressions together.

Simplify

The process of altering an expression or equation to make it easier to work with, often by combining like terms or applying mathematical operations.