A city planner would like to estimate the true mean annual income of all households in the city. She selects a random sample of 50 households and determines that the 99% confidence interval for the true mean annual income of all households in the city to be $42,000–$68,000. Which of these statements is a correct interpretation of the confidence level?
If many random samples of size 50 are selected from all households in the city, approximately 99% of the intervals would capture the true mean household income.