It is desired to estimate the average total compensation of CEOs in the Service industry. Data were randomly collected from 18 CEOs and the 97% confidence interval was calculated to be ($2,181,260, $5,836,180). Based on the interval above, do you believe the average total compensation of CEOs in the Service industry is more than $3,000,000? Select one: Yes, and I am 97% confident of it. Yes, and I am 78% confident of it. I am 97% confident that the average compensation is $3,000,000. I cannot conclude that the average exceeds $3,000,000 at the 97% confidence level.