Private Colleges and Universities Rely on Money Contributed by Individuals

Multiple Choice

Private colleges and universities rely on money contributed by individuals and corporations for their operating expenses. Much of this money is invested in 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) : 88.9, 56, 249.3, 497,
124.7, 157.6, 108.9, and 222.8. What value will be used as the point estimate for the mean
Endowment of all private colleges in the United States?

A) 215.029
B) 8
C) 188.15
D) 1505.2