Question
A marketing research company is estimating the average total compensation of CEOs in the service industry. Data were randomly collected from 18 CEOs and the
A marketing research company is estimating the average total compensation of CEOs in the service industry. Data were randomly collected from 18 CEOs and the 95% confidence interval for the mean was calculated to be (2181260,5836180). Explain what the phrase "95% confident" means.
A.
95% of the similarly constructed intervals would contain the value of the sample mean.
B.
95% of the population values will fall within the interval.
C.
95% of the sample means from similar samples fall within the interval.
D.
In repeatedsampling, 95% of the intervals constructed would contain .
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started