Parking at a Large University Can Be Extremely Difficult at Times

question 96

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 ʺLo
95%ʺ and ʺUp 95%ʺ refer to the endpoints of the desired confidence interval. $$\begin{array} { l c c c c c } \text { Variable } & \text { N } & \text { Lo 95\% CI } & \text { Mean } & \text { Up 95\% CI } & \text { SD } \\\text { Parking Time } & 338 & 9.1944 & 10.466 & 11.738 & 11.885\end{array}$$ Explain what the phrase ʺ95% confidentʺ means when working with a 95% confidence interval.

• A)In repeated sampling, 95% of the population means will fall within the interval created.
• B)In repeated sampling, 95% of the intervals created will contain the population mean.
• C)95% of the observations in the population will fall within the endpoints of the interval.
• D)In repeated sampling, 95% of the sample means will fall within the interval created.

---

Definitions:

Takeover

The acquisition of one company by another.

Legal Contract

An agreement between parties that is enforceable by law, characterized by valid offer, acceptance, consideration, and mutual intent to be legally bound.

Merger

The combining of two or more companies into a single entity, often to expand market share or reduce competition.

Consolidation

The process of combining multiple entities or financial accounts into a single entity or account for reporting purposes.