solve the problem Forty-five CEOs from the electronics industry were randomly sa

Question

solve the problem

Forty-five CEOs from the electronics industry were randomly sampled and a 95% confidence interval for the average salary of all electronics CEOs was constructed. The interval was ($108,367 , $124,745). Give a practical interpretation of the interval above.

a) 95% of the electronics industry CEOs have salaries that fall between $108,367 to $124,745.
b) We are 95% confident that the mean salary of the sampled CEOs falls in the interval $108,367 to $124,745.
c) We are 95% confident that the mean salary of all the electronics industry CEOs fall in the interval $108,367 to $124,745.
d) 95% of the sampled CEOs salaries fell in the interval $108,367 to $124,745.

Explanation / Answer

The practical interpretation of the confidence interval ($108,367 , $124,745) is:

c) We are 95% confident that the mean salary of all the electronics industry CEOs fall in the interval $108,367 to $124,745.

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