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A mortgage firm estimates the true mean current debt of local homeowners, using the current outstanding balance of a random sample of 35 homeowners. They find a 95% confidence interval for the true mean current debt to be ($56,000, $120,000). Which of the following would correctly produce a confidence interval with a smaller margin of error than this 95% confidence interval?
Question 111 / 1 pointUsing 99% confidence, because then its more likely that the true mean is contained in the confidence interval.A health inspector from the Food and Drug Administration was tasked with oversight of a pharmaceutical company in their development of a new medication. He used a 99% confidence interval to estimate the true mean amount of propionic acid in each 800 mg pill. Propionic acid is an important ingredient in several medications, including ibuprofen. His confidence interval was (3.2 mg, 6.5 mg). Which one of the following is the best interpretation of this confidence interval?