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It is desired to estimate the mean total compensation of CEOs in the Service industry. Data...

It is desired to estimate the mean total compensation of CEOs in the Service industry. Data were randomly collected from 18 CEOs and the 95% confidence interval was calculated to be ($2,181,260, $5,836,180). Based on the interval above, do you believe the mean total compensation of CEOs in the Service industry is more than $3,000,000?

a)Yes, and I am 95% confident of it.

b)Yes, and I am 78% confident of it.

c)I am 95% confident that the mean compensation is $3,000,000.

d)I cannot conclude that the mean exceeds $3,000,000 at the 95% confidence level.

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Answer #1

Answer is a)

Yes, I am 95% confident of it.

Because the required mean compensation is lies between 95% confidance interval .

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