“College costs rise” (October 29, 2008), an article on the CNN Money website, gave the latest figures from the College Board on annual tuition, fees, and room and boar
d. The average total figures are $34,132 for private colleges and $14,333 for public colleges. Source: http://money.cnn.com/ In an effort to compare those same costs in New York State, a sample of 32 junior students was randomly selected statewide from the private colleges and 32 more from the public colleges. The private college sample resulted in a mean of $34,020, and the public college sample mean was $14,045.
a. Assuming the annual college fees for private colleges have a mounded distribution and the standard deviation is $2200, find the 95% confidence interval for the mean college costs.
b. Assuming the annual college fees for public colleges have a mounded distribution and the standard deviation is $1500, find the 95% confidence interval for the mean college costs.
c. How do the New York State college costs compare to the College Board’s values? Explain.
d. Compare the confidence intervals found in parts a and b and describe the effect the two different sample means had on the resulting answers.
e. Compare the confidence intervals found in parts a and b and describe the effect the two different sample standard deviations had on the resulting answers.