2. This is a completely different problem... SPSS is not needed. Suppose a confi

Question

2. This is a completely different problem... SPSS is not needed. Suppose a confidence interval was computed to determine the average amount of money typical U.S. college students have in their pockets. A simple random sample of 50 college students were asked "How much cash do you currently have in your pocket?" and the resulting 95% confidence interval was found to be ($1.50, $20.35). Select the most correct interpretation of this result from the choices below: a. 95% of all U.S. college students have between $1.50 and $20.35 in their pockets at any given time. b. of all possible random samples of 50 college students, if we compute the 95% confidence interval for each, we would find that the true average amount of cash U.S. college students have in their pockets is between $1.50 and $20.35 c. of all possible random samples of 50 college students, if we compute the 95% confidence interval for each, we would find that the true average amount of cash U.s. college students have in their pockets is contained within 95% of those intervals, and would not be contained within 5% of them. We are reasonably sure that our interval ($1.50, $20.35) is one of the 95% that contains the true average. d, we are 95% certain that the true average amount of cash US. college students have in their pockets at any given time is between $1.50 and $20.35

Explanation / Answer

The most correct interpretation is Option c.

This follows the interpretation of confidence intervals, that is, if repeated random samples are taken from the population and the 95% confidence interval is computed for each sample, 95% of the intervals would contain the population mean.

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