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QUESTION
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...
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. Let = 0.05.
