SOLUTION: The mean annual tuition and fees for a sample of 13 private colleges was $31,000 with a standard deviation of $4600. A dotplot shows that it is reasonable to assume that the popula

Question 1177343: The mean annual tuition and fees for a sample of 13 private colleges was $31,000 with a standard deviation of $4600. A dotplot shows that it is reasonable to assume that the population is approximately normal. You wish to test whether the mean tuition and fees for private colleges is different from $34,400.
State a conclusion regarding H0. Use the level of significance a = 0.01.
Answer by Boreal(15235) (Show Source): You can put this solution on YOUR website!
This is a t-test with alpha=0.01 p{reject Ho|Ho true)
the critical value is t (0.995, df=12) with a critical value of |t|>3.055
t=( x bar-mean)/s/sart(n)
=(31000-34400)/4600/sqrt(13)
=-3400*sqrt(13)/4600
=-2.665
fail to reject Ho and conclude insufficient evidence that the mean is different from $34,400.
p-value=0.021

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