Private Colleges Rely on Money Contributed by Individuals for Much $\bar { X }$

question 168

Multiple Choice

Private colleges rely on money contributed by individuals for much of their major building expenses.Much of this money is put into a fund called a trust,and the college spends only the interest earned by the fund.A recent survey of 8 private colleges in Australia revealed the following trusts (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 and S = 143.042.Calculate a 95% confidence interval for the mean trust of all the private colleges in Australia assuming a normal distribution for the trusts.

• A) $180.975 ± $99.123
• B) $180.975 ± $119.586
• C) $180.975 ± $116.621
• D) $180.975 ± $94.066

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