STATISTICS

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?
Answer

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1. To find the mean, add up the values and divide by the number of values.

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2. Private college 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 endowment (in millions of dollars): 60.2, 47.0, 235.1, 490.0, 122.6, 177.5, 95.4, and 220.0. Summary statistics yield a mean of 180.975 and standard deviation of 143.042. Calculate a 95% confidence interval for the mean endowment of all private colleges in the United States.

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