The campus bookstore reported that students paid an average of $273 per semester for textbooks. To verify this statement, the student union decided to select a random sample of students and found the following amounts, in dollars, spent for textbooks:

$254 $310 $315 $323 $295 $298 $312 $264 $313 $327 $261 $312 $265

At the 0.05 significance level, can we conclude that the average amount spent on textbooks per semester has increased?

a. What is the decision rule? (Round the final answer to 3 decimal places.)

Reject H0: 273 and accept H1: > 273 when the test statistic is

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.

b. What is the value of the test statistic? (Round the final answer to 3 decimal places.)

Value of the test statistic =

c. What is your decision regarding H0?

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H0. There is

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evidence to conclude that the mean number rate of return is higher than 273.

d. What is the p-value? (Round the final answer to 4 decimal places.)

p-value