Using p-value approach or using the confidence interval Average college cost of tuition fee for all private institutions last year was P36, 400. A random sample of costs this year for 45 institutions...

Using p-value approach or using the confidence interval

Average college cost of tuition fee for all private institutions last year was P36, 400. A random sample of costs this year for 45 institutions of higher learning indicated that the sample mean was P37,900 and a sample standard deviation was P5,600. At the 0.10 level of significance, is there sufficient evidence to conclude that the cost has increased? (Illustrate the six (6) steps in hypothesis testing using the p-value approach or the confidence interval.)