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It is desired to estimate the average total compensation of CEOs in the Service industry.
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 million, $5 million). Which of the following interpretations is correct?
a. 97% of the sampled total compensation values fell between $2 million and $5 million.
b. We are 97% confident that the median compensation of the sampled CEOs falls in the interval $2 million to $5 million.
c. In the population of service industry CEOs, 97% of them will have total compensation that falls in the interval $2 million to $5 million.
d. We are 97% confident that the average total compensation of all CEOs in the service industry falls in the interval $2 million to $5 million.
