Card 15 / 25: It is desired to estimate the average 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). Which of the following interpretations is correct?
A)
We are 95% confident that the mean of the sampled CEOs falls in the interval $2,181,260 to $5,836,180.
B)
We are 95% confident that the average total compensation of all CEOs in the Service industry falls in the interval $2,181,260 to $5,836,180.
C)
95% of the sampled total compensation values fell between $2,181,260 and $5,836,180.
D)
In the population of Service industry CEOs, 95% of them will have total compensations that fall in the interval $2,181,260 to $5,836,180.
Answer:
B) We are 95% confident that the average total compensation of all CEOs in the Service industry falls in the interval $2,181,260 to $5,836,180.
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