Question

~~Please provide meaningful explanations and business implications of your results
You have been asked to continue your analysis of the tuition rates at private universities throughout the United States. One of the factors that need to be studied is the population variability in these rates. To complete this task, you select a random sample of universities from the population. The tuition data for this sample of universities is shown in appendix one. At both the 5% and the 10% levels of significance, does the standard deviation in the tuition charged by private universities throughout the United States differ from $10,000? Construct both 95% and 90% confidence intervals for the population variance and standard deviation in the tuition amounts and explain their meanings.

Appendix One:

$14,350          $25,680          $32,110          $18,900          $18,750

$16,000          $21,600          $24,000          $20,060          $17,020         
$19,990          $28,900          $22,700          $23,650          $30,000

$21,765          $26,800          $16,500          $23,400          $22,225

$17,560          $29,500          $18,900          $25,000          $21,590

Answer 1