Write the Word or Phrase
-Private Colleges and Universities Rely $77.1,41.6,248.6,497.2,119,173.9,108.5$

question 88

Multiple Choice

Write the word or phrase
-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 eight private colleges in the United States revealed the following endowments (in millions of dollars) : $77.1,41.6,248.6,497.2,119,173.9,108.5$ , and $212.4$ . What value will be used as the point estimate for the mean endowment of all private colleges in the United States?

• A) \(184.788\)
• B) \(1478.3\)
• C) \(211.186\)
• D) 8

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Definitions:

Sample Proportions

The fraction of items in a sample that are of a particular type.

Standard Error

A measure of the standard deviation of the sampling distribution of a statistic, often used in the estimation of confidence intervals.

Test Statistic

A numerical quantity calculated from a sample of data, used in statistical testing to make decisions about a population parameter.

P-value

The probability of achieving outcomes as significant as, or more significant than, the ones observed, under the premise that the null hypothesis is valid.