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3. The upper and lower limits for a 98% confidence interval for the average family income in aparticularcountryare $35,675 and $40,125.Which of the following is
3.The upper and lower limits for a 98% confidence interval for the average family income in aparticularcountryare $35,675 and $40,125.Which of the following is an appropriate interpretation of this confidence interval?Explain your choice.
- Ninety-eight percent of the population means are between $35,675 and $40,125.
- The probability is 0.98 that all family incomes are between $35,675 and $40,125.
- Ninety-eight percent of the intervals constructed in this way will include the population mean.
- Only 2% of the families have incomes that are below $35,675 or above $40,125.
- The probability is 0.98 that a randomly selected family's income will be between $35,675 and $40,125.
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