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Monthly rent was determined for each apartment in a random sample of 100 apartments. The sample mean was $820 and the sample standard deviation was $25. An approximate 95 percent confidence interval for the true mean monthly rent for the population of apartments from which this sample was selected is ($815, $825). Which of the following statements is a correct interpretation of the 95 percent confidence level?

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Answer:

we are 95% confident that for samples of large size randomly drawn the sample mean would fall within this interval

Step-by-step explanation:

Given that monthly rent was determined for each apartment in a random sample of 100 apartments. The sample mean was $820 and the sample standard deviation was $25.

95 percent confidence interval for the true mean monthly rent for the population of apartments from which this sample was selected is ($815, $825).

Mean = 820 (the average of two bounds)

we are 95% confident that for samples of large size randomly drawn the sample mean would fall within this interval

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