Question

Suppose we take a random sample of 102 individuals from a population. When we construct a 95% confidence interval and interpret it by saying that we are 95% confident that the true average lies inside the interval, what do we really mean by the phrase 95% confident?

1. 95% of confidence intervals we construct from this population will have the same lower and upper bounds.

2. 95% of all random samples of size 102 from this population will results in confidence intervals that contain the parameter.  

3. We are 95% confident that the average of another random sample of size 102 will fall between the lower and upper bounds.

4. The probability that the particular interval we build contains the parameter is .95

Answer 1