Parking at a Large University Can Be Extremely Difficult at Times

question 51

Multiple Choice

Parking at a large university can be extremely difficult at times. One particular university is trying to determine the location of a new parking garage. As part of their research, officials are interested in estimating the average parking time of students from within the various colleges on campus. A survey of 338 College of Business (COBA) students yields the following descriptive information regarding the length of time (in minutes) it took them to find a parking spot. Note that the "Lo 95%" and "Up 95%" refer to the endpoints of the desired confidence interval.

$\begin{array}{lccccc}\text { Variable } & \mathrm{N} & \text { Lo } 95 \% \text { CI } & \text { Mean } & \text { Up 95\% CI } & \text { SD } \\\text { Parking Time } & 338 & 9.1944 & 10.466 & 11.738 & 11.885\end{array}$

Give a practical interpretation for the 95% confidence interval given above.

• A) 95% of the COBA students had parking times that fell between 9.19 and 11.74 minutes.
• B) We are 95% confident that the average parking time of the 338 COBA students surveyed falls between 9.19 and 11.74 minutes.
• C) 95% of the COBA students had parking times of 10.466 minutes.
• D) We are 95% confident that the average parking time of all COBA students falls between 9.19 and 11.74 minutes.

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Definitions:

Gross Margin Percentage

A financial metric that represents the difference between sales and cost of goods sold, expressed as a percentage of sales.

Year 2

The second year in a sequence, often used in financial and operational planning or analysis.

Debt-to-Equity Ratio

A measure of a company's financial leverage calculated by dividing its total liabilities by shareholders' equity; it indicates the proportion of equity and debt the company is using to finance its assets.

Year 2

A reference to the second year in a given context, typically used in financial forecasting or product development timelines.