It is a known fact that private colleges cost more than public colleges. In fact, according to the College Board, the average 2008-2009 cost (tuition, fees, room & board) for a public college is $7,020 versus $26,273 for a private college. Does this difference hold when it comes to the average cost of required textbooks per class? The following samples of size 10 were taken.
Public ___________ Private
64.69....................71.00
89.60.....................96.19
101.49...................96.47
101.75...................97.14
103.59................ 98.56
106.38..................98.94
106.77...............107.79
110.69...............112.58
118.94 ..............114.00
135.94 ............. 116.55
Using the Excel output below and α = 0.05, determine if the average cost of required textbooks per class is different between public and private colleges.
a. Solve using the p-value approach.
b. Solve using the classical approach.
t-Test: Two-sample Assuming Unequal Variances

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Private Public 103.984 Mean 100.922 340.6249822 173.2995511 Variance Observations 10 10 Hypothesized Mean Difference df 16 t Stat 0.427125511 P(T s t) two-tail 0.674980208 t Critical two-tail 2.119904821