In: Statistics and Probability
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.
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.
$180.975 ± $116.621 |
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$180.975 ± $94.066 |
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$180.975 ± $119.586 |
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$180.975 ± $99.123 |