An insurance company in Iowa recently conducted a survey of its automobile policy customers to estimate the mean miles these customers commute to work each day. The result based on a random sample of 300 policyholders indicated the population mean was between 3.5 and 6.7 miles. This interval estimate was constructed using 95% confidence.
After receiving this result, one of the managers was overheard telling a colleague that 95% of all customers commute between 3.5 and 6.7 miles to work each day. How would you respond to this statement? Is it correct? Why or why not? Discuss.