[Solved] Private Colleges and Universities Rely on Money Contributed by Individuals

Question 4
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.What value will be used as the point estimate for the mean endowment of all private colleges in the United States?

A)$1,447.8
B)$180.975
C)$143.042
D)$8

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