Private Colleges and Universities Rely on Money Contributed by Individuals $\pm$

question 121

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 x? =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\(\pm\) $94.066
• B)$180.975\(\pm\) $99.123
• C)$180.975\(\pm\) $116.621
• D)$180.975\(\pm\) $119.586

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Definitions:

Material Culture

The physical objects, resources, and spaces that people use to define their culture, reflecting the beliefs, customs, and values of a society.

Rationalization

The process of replacing traditional, spontaneous, and emotional forms of thought and action with calculated, efficient, and logical ones, often associated with modern industrial societies.

Implementation

The process of putting a decision or plan into effect; executing or enforcing actions.

Consumerism

The theory that an increasing consumption of goods is economically desirable and that an individual's happiness and well-being are strongly dependent on the acquisition of consumer goods.