A random sample of 49 salespersons were asked how long on average they were able to talk to a potential customer. Their answers revealed a mean of 8.800000000 with a variance of 6 minutes. Construct a 95% confidence interval for the time it takes a salesperson to talk to a potential customer. LCL = 7.514142872, UCL = 8.785857128 LCL = 8.114142872, UCL = 9.485857128 LCL = 8.614142872, UCL = 11.08585713 LCL = 7.614142872, UCL = 10.98585713 LCL = 8.714142872, UCL = 10.58585713 What does the interpretation of a 90% confidence interval estimate mean? If we repeatedly draw samples of the same size from the same population, 90% of the values of the sample means will result in a confidence interval that includes the population mean There is a 90% probability that the population mean will lie between the lower confidence limit (LCL) and the upper confidence limit (UCL). We are 90% confident that we have selected a sample whose range of values does not contain the population mean. There is a 10% probability that the population mean will lie between the lower confidence limit (LCL) and the upper confidence limit (UCL). If we repeatedly draw samples of the same size from the same population, 10% of the values of the sample means will result in a confidence interval that includes the population mean. A random sample of 64 people revealed it took an average (mean) of 52 minutes with a standard deviation of 8 minutes for a person to complete a loan application at the bank. Construct a 90% confidence interval for the true time it takes any person to complete a loan form. LCL = 49.75500000, UCL = 52.94500000 LCL = 49.85500000, UCL = 55.14500000 LCL = 50.95500000, UCL = 54.74500000 LCL = 50.35500000, UCL = 53.64500000 LCL = 50.85500000, UCL = 55.24500000
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