Q13. It is desired to estimate the average total compensation of CEOs in the Ser

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Q13. It is desired to estimate the average total compensation of CEOs in the Service ind were randomly collected from 18 CEOs and the 97% confidence interval was calcub million, $5 million). Which of the following interpretations is correct? ustry. Data ated to be ($2 a, 97% of the sampled total compensation values fell between $2 million and $5 million b. We are 97% confident that the median compensation of the sampled CEOs falls in the interval $2 population of service industry CEOs, 97% of them will have total compensation that falls in d, we are 97% confident that the average total compensation of all CEOs in the service industry fa million to $5 million. C. In the interval $2 million to $5 million. the interval $2 million to $5 million. ined a

Explanation / Answer

13.d. We are 97% confident that the average total compensation of all CEOs in the service industry falls in the interval $2million to $5million.

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