Q:

Which of the following would be the best interpretation of 99% confidence? If we were to take 100 samples, then approximately 95 would contain the true value of the mean and approximately 5 would not. If we were to take 100 samples, then approximately 99 would contain the true value of the mean and approximately 1 would not. If we were to take 100 samples, then exactly 99 would contain the true value of the mean and 1 would not. There is a 99% probability that the confidence interval contains the true value of the mean. None of the above.

Accepted Solution

A:
Answer: There is a 99% probability that the confidence interval contains the true value of the mean. Step-by-step explanation:The correct interpretation of x% confidence interval is that we are x% confident that the true population mean falls in it.i.e. There is a x% probability that the confidence interval contains the true value of the mean. Similarly, the correct interpretation for 99% confidence interval will be :There is a 99% probability that the confidence interval contains the true value of the mean.