Question

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): 81.8, 55, 245.7, 499.9, 116.1, 156.3, 107.3, and 211.9. What value will be used as the point estimate for the mean endowment of all private colleges in the United States? O 1474 OB O 184.25 O 210.571

Answer 1

Step-ey point estimate for population in The sample meanin) is the point. estimate for population mean (4). so, In given problem, we can estimate the fon all private Colleges by ginen eight samples. mean Step 2) دلا Know that, whene Enia sum of samples n=no. of samples ů = {ni De 1) ท » = 81.8+ 55 + 2y5.7 +499.9 +116.) +156.3 6407 + 107.3 + 211,9 8 u ㅕ - 1474 8 û = 184.25 mean endowment Hence, û = 184.25), so of all private Colleges is option 3rd is conneet,