A marketing research company is estimating he average total compensation of CEOs

Question

A marketing research company is estimating he average total compensation of CEOs in the sence industry for the mean was calculated to be ($2181, 260, S5 836,180. Explain what the phrase "95% confident" means ata were random ly co sected trom 16 CEOs and the 95% confidence interval in repeated sampling 99% of the intervals constructed would contain 95% 95% of the population values will fall within the interval of the sample means from similar samples fall within the interval 5% of the similarly constructed in would contain the value of the population mean

Explanation / Answer

95% constructed interval range:2181260 to 5836180

95% confidence interval recommends, that the population means would fall within interval range.

The similarity constructed intervals would contain the value of population mean.

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