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Suppose that a manager is interested in estimating the average amount of money customers spend in her store. After sampling 36 transactions at random, she found that the average amount spent was $35.25. She then computed a 95% confidence interval to be between $31.84 and $38.66. Which statement gives a valid interpretation of the interval? There is a 95% chance that the mean amount spent by all customers is between $31.84 and $38.66. The store manager is 95% confident that the average amount spent by the 36 sampled customers is between $ 31.84 and $38.66. There is a 95% chance that a randomly selected customer will spend between $31.84 and $38.66. The store manager is 95% confident that the average amount spent by all customers is between $31.84 and $38.66

Suppose that a manager is interested in estimating the average amount of money customers spend in her store. After sampling 36 transactions at random, she found that the average amount spent was $35.25. She then computed a 95% confidence interval to be between $31.84 and $38.66. Which statement gives a valid interpretation of the interval? There is a 95% chance that the mean amount spent by all customers is between $31.84 and $38.66. The store manager is 95% confident that the average amount spent by the 36 sampled customers is between $ 31.84 and $38.66. There is a 95% chance that a randomly selected customer will spend between $31.84 and $38.66. The store manager is 95% confident that the average amount spent by all customers is between $31.84 and $38.66

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
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Suppose that a manager is interested in estimating the average amount of money customers spend in her store. After sampling 36 transactions at random, she found that the average amount spent was $35.25. She then computed a 95% confidence interval to be between $31.84 and $38.66. Which statement gives a valid interpretation of the interval? There is a 95% chance that the mean amount spent by all customers is between $31.84 and $38.66. The store manager is 95% confident that the average amount spent by the 36 sampled customers is between $ 31.84 and $38.66. There is a 95% chance that a randomly selected customer will spend between $31.84 and $38.66. The store manager is 95% confident that the average amount spent by all customers is between $31.84 and $38.66.
Transcribed Image Text:Suppose that a manager is interested in estimating the average amount of money customers spend in her store. After sampling 36 transactions at random, she found that the average amount spent was $35.25. She then computed a 95% confidence interval to be between $31.84 and $38.66. Which statement gives a valid interpretation of the interval? There is a 95% chance that the mean amount spent by all customers is between $31.84 and $38.66. The store manager is 95% confident that the average amount spent by the 36 sampled customers is between $ 31.84 and $38.66. There is a 95% chance that a randomly selected customer will spend between $31.84 and $38.66. The store manager is 95% confident that the average amount spent by all customers is between $31.84 and $38.66.
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