Question: And it means? Every statement about a confidence interval contains two partsthe level of confidence and the interval. Suppose that an insurance agent estimating the

And it means? Every statement about a confidence interval contains two parts—the level of confidence and the interval.

Suppose that an insurance agent estimating the mean loss claimed by clients after home burglaries created the 95%

confidence interval ($1644, $2391).

a) What’s the margin of error for this estimate?

b) Carefully explain what the interval means.

c) Carefully explain what the 95% confidence level means.

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