The average cost of tuition plus room and board for a small private liberal arts college is reported to be $9,200 per term, but a financial administrator believes that the average cost is higher. A study conducted using 350 small liberal arts colleges showed that the average cost per term is $9,515. The population standard deviation is $1,200. Let α = 0.05. Based on the computed test statistic or p-value, what is our decision about the average cost? 1. Equal to $9,200
2. Greater than $9,200
3. Less than $9,200
4. Not equal to $9,200