Private and public colleges and universities rely on money contributed by individuals, corporations, and foundations for both salaries and 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 random sample of eight college endowments drawn from the list of endowments in the Chronicle of Higher Education Almanac (Sept. 2, 1996) yielded the following endowments (in millions of dollars).

Estimate the mean endowment for this population of colleges and universities using a 95% confidence interval. List any assumptions you make.