Private Colleges and Universities Rely on Money Contributed by Individuals

question 23

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. A 95% confidence interval for the mean endowment of all the private colleges in the United States is:

• A) $180.975$94.066
• B) $180.975$99.123
• C) $180.975$116.621
• D) $180.975$116.983
• E) $180.975$119.605

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Definitions:

Working Memory

A cognitive system that holds and processes limited amounts of information in mind in an active, easily accessible state for short periods.

Deep Processing

A cognitive approach where information is thoughtfully considered and linked to pre-existing knowledge, leading to better memory and understanding.

Chunking

A method of organizing information into manageable units or groups to enhance memory and recall.

Shallow Processing

A minimal level of mental engagement or cognitive effort, often focused on the superficial aspects of an object or concept rather than its deeper meaning.