Endowment income is a critical part of the annual budgets at

Endowment income is a critical part of the annual budgets at colleges and universities. A study by the National Association of College and University Business Officers reported that the 435 colleges and universities surveyed held a total of $413 billion in endowments. The 10 wealthiest universities are shown below (The Wall Street Journal, January 27, 2009). Amounts are in billion of dollars.
Columbia: 7.2 billion, Harvard 36.6 billion, M.I.T. 10.1 billion, Michigan 7.6 billion, Northwestern 7.2 billion, Princeton 16.4 billion, Standford 17.2 billion, Texas 16.1 billion, Texas A&m 6.7 billion, Yale 22.9 billion

The mean for the endowments is 14.8, the median is 13.1, the mode is 7.2, the first quartile is 7.2, the third quartile is 17.2, the total endowments is 148 billion. I can get this far, I just can\'t figure out the last part, F:

f. The Wall Street Journal reported that over a recent five-month period, a downturn in the economy has caused endowments to decline 23%. What is the estimate of the dollar amount of the decline in the total endowments held by these 10 universities?

Solution

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