A local bank needs information concerning the savings account daily balances of its customers. A random sample of 100 accounts is checked. The mean balance is $1500 with standard deviation $150. We wish to find a 95% confidence interval for the true mean daily balance in savings accounts. They found that a 95% confidence interval for the mean daily savings account balance was between $1102.37 to $1697.63. Which of the following is a correct interpretation of the confidence interval?

a.           

95% of samples would show mean production between 23 and 27 items a day.

b.           

95% of the accounts sampled had daily balances between $1102.37 to $1697.63.

c.           

Savings account daily balances are between $1102.37 to $1697.63 on 95% of the days.

d.           

Either the mean daily savings account balance is between $1102.37 and $1697.63, or else our sample is among the 5% most unusual that could have been obtained.

e.           

95% of all savings account daily balances average between $1102.37 to $1697.63.

Answer rating: 100% (QA)

Answer The confidence interval should be interpret... View the full answer