The mean annual tuition for a sample of 14 private colleges was $35,400 with a standard deviation of s = $4700. A dotplot shows that it is reasonable to assume that the population is approximately normal. You wish to test whether the mean tuition for private colleges is different from $31,400.

i. Compute the value of the test statistic and state the p-value.

ii. State themeaningful and contextualconclusion regarding H0. That is, what would a reasonable person conclude about tuition and fees based on the study? Use the =0.05 level of significance.