Private Colleges and Universities Rely on Money Contributed by Individuals $$\bar { X } = 180.975 \text { and } S = 143.042$$

question 93

Short Answer

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 $$\bar { X } = 180.975 \text { and } S = 143.042$$ . 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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