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 =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) $180.975$94.066
B) $180.975$99.123
C) $180.975$116.621
D) $180.975$116.983
E) $180.975$119.605

Question

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  =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) $180.975$94.066 
B) $180.975$99.123 
C) $180.975$116.621 
D) $180.975$116.983 
E) $180.975$119.605

Quizplus · Accepted Answer

The Answer of 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  =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) $180.975$94.066 
B) $180.975$99.123 
C) $180.975$116.621 
D) $180.975$116.983 
E) $180.975$119.605

Private Colleges and Universities Rely on Money Contributed by Individuals