TABLE 8-5
A sample of salary offers (in thousands of dollars) given to management majors is: 48, 51, 46, 52, 47, 48, 47, 50, 51, and 59. Using this data to obtain a 95% confidence interval resulted in an interval from 47.19 to 52.61.
-Referring to Table 8-5, it is possible that the mean of the population is not between 47.19 and 52.61.

Question

Quizplus · Accepted Answer

A confidence interval is a range of values that is likely to contain the true population mean with a certain level of confidence. In this case, we are 95% confident that the true population mean falls between 47.19 and 52.61 based on our sample data. However, there is still a small chance (5% in this case) that our sample mean is not representative of the true population mean. Therefore, it is possible that the population mean is not between 47.19 and 52.61 with 95% confidence.

TABLE 8-5 A Sample of Salary Offers (In Thousands of Dollars) Given