document.write( "<A HREF=/cgi-bin/jump-to-question.mpl?question=1196686>Question 1196686</A>: <I><SPAN STYLE=\"word-break: break-all;\"> You want to rent an unfurnished one-bedroom apartment in Boston next year. The mean monthly rent for a simple random sample of 32 apartments advertised in the local newspaper is $1 400. Assume that the standard deviation is known to be $220.\r<BR>\n" );
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document.write( "How to interpret a 99% confidence interval for the mean?\r<BR>\n" );
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document.write( "99% of the intervals constructed using this process based on same-size samples from this population will include the sample mean.\r<BR>\n" );
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document.write( "99% of the possible sample means will equal $1 400.\r<BR>\n" );
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document.write( "99% of the intervals constructed using this process based on same-sized samples from this population will include the population mean.\r<BR>\n" );
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document.write( "99% of the possible population means will be included by the interval. </SPAN>\n" );
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document.write( "Answer:<BR>\n" );
document.write( "Choice C) 99% of the intervals constructed using this process based on same-sized samples from this population will include the population mean.\r<BR>\n" );
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document.write( "If we construct say 100 confidence intervals with the same sample size, then we should expect about 99 of them will contain the population parameter we're after.\r<BR>\n" );
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document.write( "A common mistake many students will do is to think that a 99% confidence interval means there's a 99% chance of finding the mean in the confidence interval boundaries. This is not the case. \r<BR>\n" );
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document.write( "Further reading:<BR>\n" );
document.write( "<a  rel=nofollow HREF= \"https://online.stat.psu.edu/stat504/lesson/confidence-intervals\">https://online.stat.psu.edu/stat504/lesson/confidence-intervals</a><BR>\n" );
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