-The average cost of tuition, room and board at small private liberal arts colleges is reported by the government to be $8,500 per term, but a financial administrator at a college believes that the average cost is higher. A study conducted using 350 small liberal arts colleges showed that the average cost per term is $9,000 with a standard deviation of $1,500. Let the significance level = 0.01.What is the null and alternative hypotheses for this study?What is the critical t-value for this test?What is the test statistic for this test?What is our decision about the average cost?