Private colleges and universities rely on money contributed by individuals and corporations for their operating expenses. much of tis moeny is put int a fund called an endowment, and the college spends only the interest earned by the fund. a recent survey of 8 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 222.0. summary statistics yield x-bar (aka the mean)= 180.975 and s = 143.042.

a.) calculate a 95% confidence interval for the mean endowment of all the private colleges in the united states assuming a normal distribution for the endowments.

b.) calculate a 99% confidence interval for the mean endowment of all the private colleges in the united states assuming a normal distribution for the endowments.

Step-by-step explanation:

Given that private colleges and universities rely on money contributed by individuals and corporations for their operating expenses

A recent survey of 8 private colleges in the United States revealed the following endowments (in millions of dollars)

Mean = 180.975 and std dev s = 143.042

Assuming a normal distribution we have 95% critical value is 1.96 and 99% critical value is 2.58

a) 95% Conf interval = Mean ±1.96* std error

=

Since sample size is very small confidence interval is wider.

b) 99% Conf interval = Mean ±2.58* std error

=

Since sample size is very small confidence interval is wider.

c) the median for town a 30" is greater than the median for town b 25"

step-by-step explanation:

town a, median = q2 = 30

town b, median - q2 = 25

so the median for town a 30" is greater than the median for town b 25"

answer is 1

step-by-step explanation: