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 x = 180.975 and s= 143.042. A 95% confidence interval for the mean endowment of all the private colleges in the United States is:

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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 x = 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. O180.975 + 119.605 millions of dollars
b.
180.975 ± 94.066 millions of dollars
c. 180.975 +99.123 millions of dollars
d. 180.975 ± 116.621 millions of dollars
e. O180.975 + 116.983 millions of dollars
Transcribed Image Text: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 x = 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. O180.975 + 119.605 millions of dollars b. 180.975 ± 94.066 millions of dollars c. 180.975 +99.123 millions of dollars d. 180.975 ± 116.621 millions of dollars e. O180.975 + 116.983 millions of dollars
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