Parking at a large university can be extremely difficult at times. One particular university is trying to determine the location of a new parking garage. As part of their research, officials are interested in estimating the average parking time of students from within the various colleges on campus. A survey of 338 College of Business (COBA) students yields the following descriptive information regarding the length of time (in minutes) it took them to find a parking spot. Note that the "Lo 95%" and "Up 95%" refer to the endpoints of the desired confidence interval.
Variable N Lo 95% CI Mean Up 95% CI SD
Parking Time 338 9.1944 10.466 11.738 11.885
Explain what the phrase "95% confident" means when working with a 95% confidence interval.
◦ In repeated sampling, 95% of the population means will fall within the interval created.
◦ 95% of the observations in the population will fall within the endpoints of the interval.
◦ In repeated sampling, 95% of the sample means will fall within the interval created.
◦ In repeated sampling, 95% of the intervals created will contain the population mean.
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