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). State the appropriate interpretation for this confidence interval. Note that all answers begin with "We are 95 percent confidence that…"
◦ The average term life insurance cost for sampled 65 subjects falls between $850.00 and $1050.00
◦ The term life insurance cost of the retired statistician's insurance policy falls between $850.00 and $1050.00
◦ The average term life insurance costs for all 60-year-old male non-smokers falls between $850.00 and $1050.00
◦ The term life insurance cost for all 60-year-old male non-smokers' insurance policies falls between $850.00 and $1050.00
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