Private colleges and universities rely upon money contributed by individuals and corporations for their 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 recent survey of eight private colleges in the United States revealed the following endowments(in millions of dollars):
60.2, 47, 235.1, 490, 122.6, 177.5, 95.4 and 220
a) Calculate a 95% confidence interval for the mean endowment of all the private colleges in the US.
b) Interpret the interval above and list the assumptions required to construct the confidence interval?