Use three significant figures (decimal places) when reporting answers that include decimals.

4. 8 points. The revenues of Division 1 college athletic departments have increased significantly over the past 15 years, but so have the expenses. Data shows that the vast majority of athletic departments are operating at a deficit (at least according to information released by universities and colleges). Imagine that we can find data that show the population mean for athletic department surplus is () -$12,000,000 before the pandemic (this is a negative surplus which means deficit) with a population standard deviation () of $3,600,000. A researcher believes that economic conditions have changed for athletic departments in the 3 years of "typical" operations since the pandemic and draws a random sample of 64 athletic departments finding a sample mean (x) of -$12,800,000 (deficit) and a sample standard deviation (s) of $5,000,000. Based on this sample data, is there evidence that college athletic departments' deficits have changed compared to the pre-pandemic data? Use = .05.

P.S. For those that care, UM's projected revenues and budgeted expenses for the athletic department budget for the 2019-2020 fiscal year was about $196,300,000 (projected before COVID came to town.) The current fiscal year budget has expected revenues of about $255.7 million while expenses are projected at $253.6 million. Since 2010, the athletic department revenues (and expenses) have almost tripled at U of M, but the University of Michigan is one of only about 25 or 30 schools whose athletic revenues typically outpace the expenses.