1. Formulate and test a hypothesis to determine if statistical evidence suggests that the graduation rate for either top liberal arts colleges or research universities in the sample Colleges and Universities exceeds 90%. Do the data support a conclusion that the graduation rate exceeds 85%? Would your conclusions change if the level of significance were 0.01 instead of 0.05? 2. The Excel file Sales Data provides data on a sample of customers. The company believes that its average profit is no less than $5000. However, some analysts feel that its average profit may actually be lower. Test a hypothesis to verify this. If, for the same sample and the same value of the sample mean, the sample standard deviation equals $1000, would the conclusion change?