Question:

Bursaries are loans made to students who need the money to support themselves while attending universities and colleges. The loans are made by banks that are guaranteed repayment by the government. A government auditor wanted to know the status of the loans made to students at one university. He randomly sampled 188 of the 2,684 loans that are outstanding. The total amounts owing were recorded. Estimate with 90% confidence the total outstanding amount of the loans made to students at the university. data are in file Xr12-103.