While presenting the results of an analysis, a colleague has shown a 95% confidence interval for the population mean satisfaction level for a product ranging between 3.2 and 4.5. The colleague has also just said that: "this 95% confidence interval tells us that there is a 0.95 probability that the true population mean is between 3.2 and 4.5"

State if the explanation provided by the colleague is right or wrong and explain why. Finally describe in words what a two-sided confidence interval is, what its purpose is, and how estimators and margins of error relate to it