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The average cost of tuition, room and board at private colleges is reported to be $\$18,500$ per semester. However, a financial administrator believes that the average cost is much higher. A study conducted using $350$ private colleges showed that the average cost per semester is $\$18,745$ with a standard deviation of $\$6,200$.

What are the null and alternative hypotheses for this study?


Null: $µ ≤ \$18,745$
Alternate: $µ > \$18,745$


Null: $µ ≥ \$18,745$
Alternate: $µ < \$18,745$


Null: $µ ≤ \$18,500$
Alternate: $µ > \$18,500$


Null: $µ ≥ \$18,500$
Alternate: $µ < \$18,500$

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