Question

Private colleges and university rely on money contributed

Answer 1

Answer:

The point estimate for the mean endowment of all private colleges in the United States is 180.2125 million dollars.

Step-by-step explanation:

We are given endowments (in millions of dollars) of eight private colleges in the United States:

78.8, 50.3, 243.2,  489, 111.5, 163.7, 92.4, 212.8

We have to find the point estimate of the population mean endowment of all private colleges in the  United States.

The point estimate will be given by the sample mean.

$\mu = \bar{x}$

Formula:

$Mean = \displaystyle\frac{\text{Sum of all observations}}{\text{Total number of observation}}$

$Mean =\displaystyle\frac{1441.7}{8} = 180.2125$

Thus, the point estimate is 180.2125 million dollars.