SOLUTION: 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
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Question 1196686: 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.
How to interpret a 99% confidence interval for the mean?
99% of the intervals constructed using this process based on same-size samples from this population will include the sample mean.
99% of the possible sample means will equal $1 400.
99% of the intervals constructed using this process based on same-sized samples from this population will include the population mean.
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Answer:
Choice C) 99% of the intervals constructed using this process based on same-sized samples from this population will include the population mean.
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.
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.
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