It is desired to estimate the average total compensation of CEOs in the Service industry. Data were randomly collected from 18 CEOs and the 97% confidence interval was calculated to be ($2 million, $5 million). Which of the following interpretations is correct?
a. 97% of the sampled total compensation values fell between $2 million and $5 million.
b. We are 97% confident that the median compensation of the sampled CEOs falls in the interval $2 million to $5 million.
c. In the population of service industry CEOs, 97% of them will have total compensation that falls in the interval $2 million to $5 million.
d. We are 97% confident that the average total compensation of all CEOs in the service industry falls in the interval $2 million to $5 million.