What is the margin of error for given estimate

Reference no: EM131422569

Every statement about a confidence interval contains two parts: the level of confidence and the interval. Suppose that an insurance agent estimating the mean loss claimed by clients after home burglaries created the 95% confidence interval ($1644, $2391).

a) What's the margin of error for this estimate?

b) Carefully explain what the interval means.

c) Carefully explain what the 95% confidence level means.

Reference no: EM131422569

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