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

Question 113

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