SOLUTION: A recruiter estimates that if you are hired to work for her company and you put in a full week at the commissioned sales representative position she is offering, you will make “$52

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Question 773407: A recruiter estimates that if you are hired to work for her company and you put in a full week at the commissioned sales representative position she is offering, you will make “$525 plus or minus $250, 80% of the time.” She adds, “It all depends on you!” If the $525 is the mean, state what the following figures stand for in terms of the confidence interval around this mean.
- What does the “$525 plus or minus $250” mean?
- What does the “80% of the time” mean?
Any help would be greatly appreciated :)
Answer by stanbon(75887)   (Show Source): You can put this solution on YOUR website!
A recruiter estimates that if you are hired to work for her company and you put in a full week at the commissioned sales representative position she is offering, you will make “$525 plus or minus $250, 80% of the time.” She adds, “It all depends on you!” If the $525 is the mean, state what the following figures stand for in terms of the confidence interval around this mean.
- What does the “$525 plus or minus $250” mean?
Your weekly salary will be between $275 and $775.
-----------------------
- What does the “80% of the time” mean?
You can have 80% confidence that your weekly salary will be
between $275 and $775.
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Cheers,
Stan H.
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