A Computer Package Was Used to Generate the Following Printout $$X=\text { sale price }$$

question 113

Multiple Choice

A computer package was used to generate the following printout for estimating the mean sale price of homes in a particular neighborhood. $$X=\text { sale price }$$
$$\begin{array}{r}\text {SAMPLE MEAN OF X \( =\quad 46,400 \) }\\\text {SAMPLE STANDARD DEV \( =13,747 \) }\\\text {SAMPLE SIZE OF X \( =15 \) }\\\text {CONFIDENCE \( =\quad 98 \) }\\\\\text {UPPER LIMIT \( =\quad 52,850.6 \) }\\\text {SAMPLE MEAN OF \( X=46,600 \) }\\\text {LOWER LIMIT \( =40,349.4 \) } \end{array}$$

Which of the following is a practical interpretation of the interval above?

• A) We are 90% confident that the mean sale price of all homes in this neighborhood falls between $40,349.40 and $52,850.60.
• B) We are 90% confident that the true sale price of all homes in this neighborhood fall between $40,349.40 and $52,850.60.
• C) 90% of the homes in this neighborhood have sale prices that fall between $40,349.40 and $52,850.60.
• D) All are correct practical interpretations of this interval.

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