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.
◦ 95 percent of all the life insurance costs will fall within the specified interval.
◦ 95 percent of all retired statisticians are underinsured.
◦ In repeated sampling, 95 percent of the intervals constructed would contain the value of the true population mean.
◦ In repeated sampling, the mean of the population will fall within the specified intervals 95 percent of the time.
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