We appreciate your visit to It is desired to estimate the mean total compensation of CEOs in the Service industry Data were randomly collected from 45 CEOs and the 95. This page offers clear insights and highlights the essential aspects of the topic. Our goal is to provide a helpful and engaging learning experience. Explore the content and find the answers you need!
Answer :
Final answer:
The correct interpretation is d. They are 95% confident that the mean of the sampled CEO's falls in the interval of $2,181,260 to $5,836,180.
Explanation:
The correct interpretation is d. They are 95% confident that the mean of the sampled CEO's falls in the interval of $2,181,260 to $5,836,180.
This interpretation accurately reflects the concept of a confidence interval. In this case, the 95% confidence interval calculated from the sampled data suggests that we can be 95% confident that the true mean total compensation of all CEOs in the Service industry falls within the range of $2,181,260 to $5,836,180.
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