Final answer:
The p-value is the probability of observing a sample mean as extreme as or more extreme than what is observed. If the p-value is less than the significance level, we can reject the null hypothesis.
Step-by-step explanation:
The p-value is the probability of observing a sample mean as extreme as or more extreme than what is observed, assuming that the null hypothesis is true. In this case, the p-value is 0.0028691. Since this p-value is less than the significance level of 0.05, we can reject the null hypothesis and conclude that there is evidence that the true mean GPA of students at the university differs from 2.93.