Answered: Millionaires. From Problem 19, we know…

Name: Millionaires. From Problem 19, we know that “a 95% confidence interval
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Description: Millionaires. From Problem 19, we know that “a 95% confidence interval for the mean age of all U.S. millionaires is from 54.3 years to 62.8 years.” Decide which of the following sentences provide a correct interpretation of the statement in quotes. J

MATLAB: An Introduction with Applications

6th Edition

ISBN:9781119256830

Author:Amos Gilat

Publisher:Amos Gilat

Chapter1: Starting With Matlab

Section: Chapter Questions

Problem 1P

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Millionaires. From Problem 19, we know that “a 95% confidence interval for the mean age of all U.S. millionaires is from 54.3 years to 62.8 years.” Decide which of the following sentences provide a correct interpretation of the statement in quotes. Justify your answers.

a. Ninety-five percent of all U.S. millionaires are between the ages of 54.3 years and 62.8 years.

b. There is a 95% chance that the mean age of all U.S. millionaires is between 54.3 years and 62.8 years.

c. We can be 95% confident that the mean age of all U.S. millionaires is between 54.3 years and 62.8 years.

d. The probability is 0.95 that the mean age of all U.S. millionaires is between 54.3 years and 62.8 years.

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