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.
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- 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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