Question: At a local university, it has been reported that the mean income of the parents of the incoming freshmen class is $91,600. The president of a neighboring university believes that the income of parents in the entering class at this college is higher than $91,600. The president surveys 100 randomly selected families and finds the mean income to be $96,321 with a standard deviation of $9,555. With a probability of error at 0.05, is the president correct? Support your position with concepts and data from this week’s lecture and other resources. Run a z-test to test this hypothesis.