It is desired 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) . Based on the interval above, do you believe the average total compensation of CEOs in the Service industry is more than $3,000,000?
A) I am 97% confident that the average compensation is $3,000,000.
B) I cannot conclude that the average exceeds $3,000,000 at the 97% confidence level.
C) Yes, and I am 97% confident of it.
D) Yes, and I am 78% confident of it.
Correct Answer:
Verified
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