The average cost of tuition room and board at small private, Ask an Expert

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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. What is your decision if the z-statistic is -2.58 and the level of significance is 0.02?

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