Question 24 4 points Save The t distribution is used to construct confidence int

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Question 24 4 points   Save   The t distribution is used to construct confidence intervals for the population mean when the population standard deviation is unknown. True False The t distribution is used to construct confidence intervals for the population mean when the population standard deviation is unknown. It is desired to estimate the average total compensation of CEOs in the Service industry. Data were randomly collected from 18 CEOs and the 97% confidence interval was calculated to be ($2,181,260, $5,836,180). Based on the interval above, do you believe the average total compensation of CEOs in the Service industry is more than $3,000,000?

Explanation / Answer

(24)True

(25)I cannot conclude that the average exceeds $3,000,000 at the 97% confidence level.

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