Question

A retail analyst reports that the average monthly customer spend is estimated at $84.50 with a 95% confidence interval of $80.10 to $88.90. A store manager asks what the '95% confidence' actually means for this estimate. Which interpretation should the analyst give?

Accepted Answer

If the sampling procedure were repeated many times, about 95% of the resulting intervals would contain the true population mean.

Answer

There is a 95% probability that any individual customer will spend between $80.10 and $88.90.

Answer

95% of the sampled customers spent an amount between $80.10 and $88.90.

Answer

There is a 95% chance the sample mean of $84.50 is exactly correct.