A Marketing Research Company Is Estimating the Average Total Compensation $99 \%$

Multiple Choice

A marketing research company is estimating the average total compensation of CEOs in the service industry. Data were randomly collected from 18 CEOs and the 99% confidence interval for
The mean was calculated to be ($2,181,260, $5,836,180) . Explain what the phrase ʺ99% confidentʺ
Means.

A) $99 \%$ of the similarly constructed intervals would contain the value of the sample mean.
B) $99 \%$ of the sample means from similar samples fall within the interval.
C) In repeated sampling, $99 \%$ of the intervals constructed would contain $\mu$ .
D) $99 \%$ of the population values will fall within the interval.