Wednesday
November 26, 2014

Homework Help: Statistics

Posted by Kelly on Saturday, November 28, 2009 at 10:02am.

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 eight private colleges in the United States revealed the following endowments (in millions of dollars): 74.8, 53.3, 242.2,499.2, 124.7, 151.2, 92.7, and 211.4. What value will be used as the point estimate for the
mean endowment of all private colleges in the United States?

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