Suppose a 95 confidence interval for the mean is 3419 thousa

Suppose a 95% confidence interval for the mean is $34.19 thousand < < $37.81 thousand .

a.) Give the statistical interpretation of the interval.

b.) If the mean represents the average annual profit per employee for all successful banks, what is the real world interpretation of the interval?

c.) What are two different things that you could do to make the interval narrower?

Solution

Suppose a 95% confidence interval for the mean is $34.19 thousand < < $37.81 thousand .

The above interval means that it contains the true population mean with 95% confidence.

To make the interval narrower use higher level of confidence.