Question
An auditors statistical sample drawn from a population of invoices indicates a mean value of $150 and sampling precision of $30 at a 95% confidence
An auditors statistical sample drawn from a population of invoices indicates a mean value of $150 and sampling precision of $30 at a 95% confidence level. Which of the following statements correctly interprets these sample data?
A. In repeated sampling, the point estimate of the true population mean will be $150 about 95% of the time.
B. The probability is 95% that the true population mean is $150.
C. In repeated sampling, intervals with precision $30 around the sample mean will always contain the true population mean.
D. The probability is 95% that the range $120 to $180 contains the true population mean.
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