Private Colleges and Universities Rely on Money Contributed by Individuals

question 105

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. What value will be used as the point estimate for the mean endowment of all private colleges in the United States?

• A) $1,447.8
• B) $143.042
• C) $8
• D) $180.975

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Definitions:

Paycheck

A document issued by an employer to an employee to pay for services rendered, typically detailing the amount and deductions.

Forged

Illegally copied or counterfeited; can refer to documents, artwork, or signatures made to deceive.

Uttering

The crime of passing or making use of a forged document with the intent to defraud.

Hamilton

Hamilton is most commonly associated with Alexander Hamilton, one of the Founding Fathers of the United States, known for his role in drafting the Constitution and as the first Secretary of the Treasury.