The real estate industry claims that it is the best and most effective system to market residential real estate.A survey of randomly selected home sellers in Ontario found that a 99% confidence interval for the proportion of homes that are sold by a real estate agent is 66% to 76%.Interpret the interval in this context.
A) If you sell a home in Ontario,you have an 71% ± 5% chance of using a real estate agent.
B) We are 99% confident that between 66% and 76% of homes in this survey are sold by a real estate agent.
C) In 99% of the years,between 66% and 76% of homes in Ontario are sold by a real estate agent.
D) 99% of all random samples of home sellers in Ontario will show that between 66% and 76% of homes are sold by a real estate agent.
E) We are 99% confident,based on this sample,that between 66% and 76% of all homes in Ontario are sold by a real estate agent.
Correct Answer:
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