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.What value will be used as the point estimate for the mean trust of all private colleges in Australia?
A) $180.975
B) $8
C) $143.042
D) $1,447.8

Question

Quizplus · Accepted Answer

The point estimate for the mean trust of all private colleges in Australia is calculated by averaging the given trust values. Adding all the trust values together and dividing by the number of colleges (8) gives the mean trust value, which is $180.975.

Private Colleges Rely on Money Contributed by Individuals for Much