A large university was interested in estimating the amount students spend on meals each month. Using the registrar's data base of all students they randomly select 100 students and require them to complete a diary of meal purchases. The resulting data had an average of $220 with a standard deviation of $130. A university official looked over the results of the survey and stated: "From this data we can see that 95% of students spend between $194.20 and $245.79. Therefore it is clear that very few students will spend over $250 a month for meals." Is the university official correct? Explain.
Your answer should be 1 to 2 paragraphs and explain your logic and how you arrived at the answer.