Question
An accounting firm recently stated:
"The client's mean sales per customer is estimated to be between $14.50 and $28.50. Further this estimate is based on a random sample of 100 customers and was computed using 95% confidence.
Discuss the appropriateness of this statement. What is the correct interpretation of this confidence interval?
Basically just rearrange the sentence to what the client is saying in a better statement
"The client's mean sales per customer is estimated to be between $14.50 and $28.50. Further this estimate is based on a random sample of 100 customers and was computed using 95% confidence.
Discuss the appropriateness of this statement. What is the correct interpretation of this confidence interval?
Basically just rearrange the sentence to what the client is saying in a better statement