Calculating Average Total Compensation
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A statistician wishes 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). Which of the following interpretations is correct?
A. 97% of the sampled total compensation values fell between $2,181,260 and $5,836,180.
B. We are 97% confident that the mean of the sampled CEOs falls in the interval $2,181,260 to $5,836,180
C. In the population of service industry CEOs, 97% of them will have a total compensations that fall in the interval $2,181,260 to $5,836,180
D. We are 97% confident that the average total compensation of all CEOs in the service industry falls in the interval $2,181,260 to $5,836,180
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This solution answers various questions regarding calculations of average total compensation.
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D. is the answer. This is the general definition of a CI. If you didn't know that this was the definition, you ...
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