Suppose you calculate a 95 confidence interval for the mean

Suppose you calculate a 95% confidence interval for the mean salary of accountants one year after obtaining their MBAs to be $64,000 to $89,000 per year. Which of the following statements is the correct interpretation of this interval? Read carefully!

There is a 95% chance that this particular interval, $64,000 to $89,000 per year, contains the true mean salary of accountants one year after obtaining their MBAs.

We are 95% confident, based on the method used to construct the interval, that the true mean salary of accountants one year after obtaining their MBAs is between $64,000 and $89,000 per year.

95% of all accountants in the population one year after obtaining their MBAs earn between $64,000 to $89,000 per year, based on the method used to construct the interval.

We are 95% confident, based on the method used to construct the interval, that any given accountant one year after obtaining an MBA will earn between $64,000 and $89,000 per year.

We are confident that 95% of the accountants in our sample earned between $64,000 and $89,000 per year.

Solution

We are 95% confident, based on the method used to construct the interval, that the true mean salary of accountants one year after obtaining their MBAs is between $64,000 and $89,000 per year.