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Test the Business Major's hypothesis at the 5% significance level. The mean ‘Cost’ for a college...

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Statistics

Test the Business Major's hypothesis at the 5% significancelevel. The mean ‘Cost’ for a college is $160,000. Be sure tointerpret your results.

  • List your givens - n, standard deviation, alpha...
  • Provide the formula you will use. Why are you using thatformula? How does it fit the situation?
  • Show how you have plugged in the numbers.
  • What is your computed test statistic?
  • Show the computation of the p value.
  • Will you reject or fail to reject the null hypothesis.Why?
SchoolTypeCost30 Year ROIAnnual
Private
$222,700.00
$1,786,000.00
7.70%
Private
$176,400.00
$1,758,000.00
8.40%
Private
$212,200.00
$1,714,000.00
7.80%
Public
$125,100.00
$1,535,000.00
9.10%
Private
$212,700.00
$1,529,000.00
7.40%
Public
$92,910.00
$1,501,000.00
10.10%
Private
$214,900.00
$1,485,000.00
7.30%
Private
$217,800.00
$1,483,000.00
7.20%
Private
$225,600.00
$1,444,000.00
7.00%
Private
$217,300.00
$1,442,000.00
7.10%
Private
$226,500.00
$1,441,000.00
7.00%
Private
$215,500.00
$1,438,000.00
7.20%
Private
$223,500.00
$1,428,000.00
7.00%
Private
$226,600.00
$1,414,000.00
7.00%
Private
$189,300.00
$1,397,000.00
7.50%
Public
$89,700.00
$1,382,000.00
9.90%
Public
$87,030.00
$1,376,000.00
10.00%
Private
$218,200.00
$1,343,000.00
6.90%
Private
$229,900.00
$1,339,000.00
6.70%
Private
$148,800.00
$1,321,000.00
8.10%

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