Question: The average cost of tuition, room and board at small private liberal arts college is reported to be $8.500 per term, but a financial administrator believes that the average cost is higher. A study conducted using 150 small liberal arts colleges showed that the average cost per term is $9,000 with a standard deviation of $1,200. Let \(\alpha \) = 0.05.

1. What are the null and alternative hypotheses for this study? To receive full credit you must write these claims both symbolically AND in English
2. What is the critical z-value for the test?
3. What is the z-value based on the sample?
4. What is your decision about the average cost based on this study? Is the average cost per term higher than what is reported?

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