A recruiter estimates that if you are hired to work for her company and you put in a full week at the commissioned sales representative position she is offering, you will make “$525 plus or minus $250, 80% of the time.” She adds, “It all depends on you!” If the $525 is the mean, state what the following figures stand for in terms of the confidence interval around this mean.

Question

A recruiter estimates that if you are hired to work for her company and you put in a full week at the commissioned sales representative position she is offering, you will make “$525 plus or minus $250, 80% of the time.” She adds, “It all depends on you!”  If the $525 is the mean, state what the following figures stand for in terms of the confidence interval around this mean.
-  What does the “$525 plus or minus $250” mean? *Your Weekly Salary will be between $275 and $775.
-  What does the “80% of the time” mean? *You can have 80% confidence that your weekly salary will be between $275 and $775.

Please let me know if I have the correct answers.

PsyDAG · Answer

Agree.