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Private Colleges and Universities Rely on Money Contributed by Individuals 60.2,47.0,235.1,490.0,122.6,177.5,95.460.2,47.0,235.1,490.0,122.6,177.5,95.4

Question 75

Short Answer

Private colleges and universities rely on money contributed by individuals and corporations for their operating expenses. Much of this money is invested in 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): 60.2,47.0,235.1,490.0,122.6,177.5,95.460.2,47.0,235.1,490.0,122.6,177.5,95.4 , and 220.0. Stummary statistics yield xˉ=180.975\bar { x } = 180.975 and s=143.042s = 143.042 . Calculate a 99%99 \% confidence interval for the mean endowment of all private colleges in the United States.
A) 180.975±176.955180.975 \pm 176.955
B) 180.975±189.173180.975 \pm 189.173
C) 180.975±169.672180.975 \pm 169.672
D) 180.975±181.387180.975 \pm 181.387 181.387

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