Private Colleges and Universities Rely on Money Contributed by Individuals $60.2,47.0,235.1,490.0$

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) : $60.2,47.0,235.1,490.0$ , 122.6, 177.5, 95.4, and 220.0. Summary statistics yield $\bar { x } = 180.975$ and $s = 143.042$ . Calculate a $95 \%$ confidence interval for the mean endowment of all private colleges in the United States.

A) $180.975 \pm 116.621$
B) $180.975 \pm 119.605$
C) $180.975 \pm 127.863$
D) $180.975 \pm 124.673$