According to USA Today, the average cost of a private university is $50,000 with a population standard deviation of $2,500. 100 universities are randomly selected and the average income of those 100 universities was $49,450. Using the 5 step hypothesis testing process can you support the claim that the average income is $50,000? Use a .05 significance level. State the null hypothesis and the alternate hypothesis.
- H0: μ = $50,000 and HI: μ ≠ $50,000
- H0: μ ≠ $50,000 and HI: μ = $50,000
- H0: μ > $50,000 and HI: μ ≠ $50,000
- H0: μ >= $50,000 and HI: μ < $50,000