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 and S = 143.042 .Calculate a 95% confidence interval for the mean endowment of all the private colleges in the United States assuming a normal distribution for the endowments.
A)$180.975 $94.066
B)$180.975 $99.123
C)$180.975 $116.621
D)$180.975 $119.586

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  and S = 143.042 .Calculate a 95% confidence interval for the mean endowment of all the private colleges in the United States assuming a normal distribution for the endowments.
A)$180.975 $94.066 
B)$180.975 $99.123 
C)$180.975 $116.621 
D)$180.975 $119.586

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  and S = 143.042 .Calculate a 95% confidence interval for the mean endowment of all the private colleges in the United States assuming a normal distribution for the endowments.
A)$180.975 $94.066 
B)$180.975 $99.123 
C)$180.975 $116.621 
D)$180.975 $119.586

Private Colleges and Universities Rely on Money Contributed by Individuals