Private Colleges and Universities Rely on Money Contributed by Individuals

question 78

Multiple Choice

Private colleges and universities rely on money contributed by individuals and corporations for their operating expenses.Much of this money is put into a fund called an endowment,and the college spends only the interest earned by the fund.A recent survey of 8 private colleges in the United States revealed the following endowments (in millions of dollars) : 60.2,47.0,235.1,490.0,122.6,177.5,95.4,and 220.0.Summary statistics yield = 180.975 and S = 143.042.Calculate a 95% confidence interval for the mean endowment of all the private colleges in the United States assuming a normal distribution for the endowments.

• A)$180.975 _± $94.066
• B)$180.975 _± $99.123
• C)$180.975 _± $116.621
• D)$180.975 _± $119.586

---

Definitions:

Accurate To Cent

A measurement precise to the nearest hundredth of a currency unit.

Solve For X

A mathematical expression used to find the value of an unknown variable.

Five-Figure Accuracy

Five-figure accuracy refers to precision up to five significant digits in a numerical measurement or calculation.

Solve For X

A directive in mathematics and algebra to find the value of the variable x.