It is desired to estimate the mean total compensation of CEOs in the Service industry. Data were randomly collected from 18 CEOs and the 95 confidence interval was calculated to be (2,181,260, 5,836,180). Based on the interval above, do you believe the mean total compensation of CEOs in the Service industry is more than 3,000,000?
A) I am 95 confident that the mean compensation is 3,000,000.
B) Yes, and I am 95 confident of it.
C) Yes, and I am 78 confident of it.
D) I cannot conclude that the mean exceeds 3,000,000 at the 95 confidence level.
Question 2
The amount of time necessary for assembly line workers to complete a product is a normal variable with a mean of 15 minutes and a standard deviation of 2 minutes. The probability is ________ that a product is assembled in more than 11 minutes.
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