Use the Following Information to Answer Questions (12)-(15)

question 32

Multiple Choice

Use the following information to answer questions (12) -(15) . Many couples believe that it is getting too expensive to host an "average" wedding in the United States. According to a statistics study in the U.S., the average cost of a wedding in the U.S. in 2014 was $25,200. Recently, in a random sample of 35 weddings in the U.S. it was found that the average cost of a wedding was $24,224 with a standard deviation of $2,210.
-If a 95% confidence interval for the mean for the wedding sample is ($23465, $24983) , does this mean that the sample results are significantly different from the claimed value for the mean of $25,200?

• A)Since the claimed population mean is outside of the 95% confidence interval, we conclude that the sample results are significantly different.
• B)Since the claimed population mean is outside of the 95% confidence interval, we conclude that there is a 95% chance that the sample results are significantly different.
• C)Since the accepted population average is outside of the 95% confidence interval, we conclude that there is a 5% chance that the sample results are significantly different.
• D)Since the accepted population average is outside of the 95% confidence interval, we conclude that the sample results are not significantly different.

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Definitions:

Financing Cost

The total expense incurred to finance a purchase or project, including interest, fees, and other charges associated with borrowing money.

Optimal Amount

The quantity of a good or service that achieves the best outcome under given conditions, such as maximizing profit or utility.

Research And Development

The investigative activities that a business or government entity undertakes with the intention of making a discovery that can either lead to the development of new products or procedures, or to the improvement of existing products or procedures.