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 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 Canada 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 = 180.975 and s = 143.042. Which of the following is a 95% confidence interval for the mean endowment of all the private colleges in Canada?

A) $200.0$94.066
B) $200.0$99.123
C) $200.0$116.621
D) $200.0$119.605