CHOICE. Choose the one alternative that best completes the statement or answers

Question

CHOICE. Choose the one alternative that best completes the statement or answers the question. The real estate industry claims that it is the best and most effective system to market residential real estate. A survey of randomly selected home sellers in Illinois found that a 95% confidence interval for the proportion of homes that are sold by a real estate agent is 69% to 81%. Interpret the interval in this context A) In 95% of the years, between 69% and 81% of homes in Illinois are sold by a real estate agent. B) We are 95% confident based on this sample, that between 69% and 81% of all homes in Illinois are sold by a real estate agent. C) 95% of all homes in Illinois are sold by a real estate agent. D) We are 95% confident that between 69% and 81% of homes in this survey are sold by a real estate agent. E) 95% of all random samples of home sellers in Illinois will show that between 69% and 81% of homes arc sold by a real estate agent.

Explanation / Answer

Real flowery estate language. A random 95% sellers interviewed, sold their home thru' agents and these agents rate their success rate at 69% to 81%.

Perhaps only 3 sellers go to them and they sold 2 without making any profit for the owner, that is 67% success rate. Don't you hate them?

B. We are 95% confidant, based on this sample , that between 69% and 81% of all homes in IIinois are sold by a real estate agent.

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