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Suppose taxi fares from Logan Airport to downtown Boston is known to be normally distributed and a sample of seven taxi fares produces a mean fare of $16.51 and a 95% confidence interval of ($15.96, $17.04). Which of the following statements is a valid interpretation of the confidence interval? Multiple Choice 95% of all taxi fares are between $15.96 and $17.04. We are 95% confident that a randomly selected taxi fare will be between $15.96 and $17.04. The mean amount of a taxi fare is $16.51, 95% of the time. With 95% confidence, we can report that the average taxi fare between Logan Airport and downtown Boston will fall between $15.96 and $17.04.

Suppose taxi fares from Logan Airport to downtown Boston is known to be normally distributed and a sample of seven taxi fares produces a mean fare of $16.51 and a 95% confidence interval of ($15.96, $17.04). Which of the following statements is a valid interpretation of the confidence interval? Multiple Choice 95% of all taxi fares are between $15.96 and $17.04. We are 95% confident that a randomly selected taxi fare will be between $15.96 and $17.04. The mean amount of a taxi fare is $16.51, 95% of the time. With 95% confidence, we can report that the average taxi fare between Logan Airport and downtown Boston will fall between $15.96 and $17.04.

MATLAB: An Introduction with Applications
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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Suppose taxi fares from Logan Airport to downtown Boston is known to be normally distributed and a sample of seven taxi fares produces a mean fare of $16.51 and a 95% confidence interval of ($15.96, $17.04). Which of the following statements is a valid interpretation of the confidence interval? Multiple Choice 95% of all taxi fares are between $15.96 and $17.04. We are 95% confident that a randomly selected taxi fare will be between $15.96 and $17.04. The mean amount of a taxi fare is $16.51, 95% of the time. With 95% confidence, we can report that the average taxi fare between Logan Airport and downtown Boston will fall between $15.96 and $17.04.
Transcribed Image Text:Suppose taxi fares from Logan Airport to downtown Boston is known to be normally distributed and a sample of seven taxi fares produces a mean fare of $16.51 and a 95% confidence interval of ($15.96, $17.04). Which of the following statements is a valid interpretation of the confidence interval? Multiple Choice 95% of all taxi fares are between $15.96 and $17.04. We are 95% confident that a randomly selected taxi fare will be between $15.96 and $17.04. The mean amount of a taxi fare is $16.51, 95% of the time. With 95% confidence, we can report that the average taxi fare between Logan Airport and downtown Boston will fall between $15.96 and $17.04.
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