The average undergraduate cost for tuition, fees, room, and board for all institutions last year was $26,025. A random sample of 40 institutions of higher learning this year indicated that the mean tuition, fees, room, and board for the sample was $27,690, and the population standard deviation is $5492. At the 0.05 level of significance, is there sufficient evidence that the cost has increased? Use P-Value Method. Find the 95% confidence level of the true mean. Does the confidence interval interpretation agree with the results of the hypothesis test?
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