A 95 confidence interval for the average salary of all CEOs in the electronics industry was constructed using the results of a random survey of 45 CEOs. The interval was (139,528 , 154,454 ) Give a practical interpretation of the interval.
A) 95 of all CEOs in the electronics industry have salaries that fall between 139,528 to 154,454.
B) We are 95 confident that the mean salary of all CEOs in the electronics industry falls in the interval 139,528 to 154,454.
C) 95 of the sampled CEOs have salaries that fell in the interval 139,528 to 154,454.
D) We are 95 confident that the mean salary of the sampled CEOs falls in the interval 139,528 to 154,454.
Question 2
A retired statistician was interested in determining the average cost of a 200,000.00 term life insurance policy for a 60-year-old male non-smoker. He randomly sampled 65 subjects (60-year-old male non-smokers) and constructed the following 95 percent confidence interval for the mean cost of the term life insurance: (850.00, 1050.00). Explain what the phrase 95 percent confident means in this situation.
A) In repeated sampling, 95 percent of the intervals constructed would contain the value of the true population mean.
B) 95 percent of all the life insurance costs will fall within the specified interval.
C) 95 percent of all retired statisticians are underinsured.
D) In repeated sampling, the mean of the population will fall within the specified intervals 95 percent of the time.
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