Question
Private colleges rely on money contributed by individuals for much of their major building expenses. Much of this money is put into a fund called
Private colleges rely on money contributed by individuals for much of their major building expenses. Much of this money is put into a fund called a trust, and the college spends only the interest earned by the fund. A recent survey of 10 private colleges in Australia revealed the following summary statistics: mean = $291.7 million and standard deviation = $92.6 million.
Calculate the upper limit of a 95% confidence interval for the mean trust of all the private colleges in Australia, assuming a normal distribution for the trusts.
Answer: $( )Answer million (please provide your answer to 2 decimal places).
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