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When asked to explain the meaning of statistically significant at the = 0.01 level, a student says, This means there is only a 0.01 probability

When asked to explain the meaning of "statistically significant at the = 0.01 level," a student says, "This means there is only a 0.01 probability (1%) that the null hypothesis is true." Is this an essentially correct explanation of statistical significance? Explain your answer.

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