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Private colleges in U.S. revealing endowments

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4. 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. A college or university 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) summary statistics: = 181 and S = 143. Assuming the distribution of the endowments is approximately normal, find a 95% confidence interval for µ. Interpret your answer.

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