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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 our decision about the average cost? Select one: a.Less than $8,500 b.Greater than 8500 c.None is correct d.Not equal to $8,500 e.Equal to $8,500

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 our decision about the average cost? Select one: a.Less than $8,500 b.Greater than 8500 c.None is correct d.Not equal to $8,500 e.Equal to $8,500

Glencoe Algebra 1, Student Edition, 9780079039897, 0079039898, 2018
Glencoe Algebra 1, Student Edition, 9780079039897, 0079039898, 2018
18th Edition
ISBN:9780079039897
Author:Carter
Publisher:Carter
Chapter10: Statistics
Section: Chapter Questions
Problem 22SGR
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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 our decision about the average cost? Select one: a.Less than $8,500 b.Greater than 8500 c.None is correct d.Not equal to $8,500 e.Equal to $8,500
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 our decision about the average cost? Select one: a.Less than $8,500 b.Greater than 8500 c.None is correct d.Not equal to $8,500 e.Equal to $8,500
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