Each fall, a certain organization releases survey results on how much colleges and universities are charging undergraduate students in the new academic year. The survey indicated that the average published tuition and fees for a certain academic year were $9,340 at public four-year colleges and universities and $32,445 at private, nonprofit four-year colleges and universities. Assume that the standard deviation was approximately $4,550 at public four-year colleges and universities and approximately $11,950 for private colleges and universities. Complete parts a and b.
a. Do the private, nonprofit four-year colleges and universities have the larger relative variability?
A. No, because the coefficient of variability for private, nonprofit four-year colleges and universities is % and is % for public four-year colleges and universities.
B. Yes, because the coefficient of variability for private, nonprofit four-year colleges and universities is % and is % for public four-year colleges and universities.
b. If the data on published tuition and fees were bell-shaped, determine the largest and smallest amount paid at the four-year private, nonprofit colleges and universities. If the data on published tuition and fees were bell-shaped, the largest amount paid at four-year private, nonprofit colleges and universities would be $ and the lowest amount paid would be $17. (Round to the nearest dollar as needed.)