The real estate industry claims that it is the best and most effective system to market residential real estate.A survey of randomly selected home sellers in Ontario found that a 99% confidence interval for the proportion of homes that are sold by a real estate agent is 70% to 80%.Explain what "99% confidence" means in this context.

A) There is a 99% chance that the true proportion of home sellers in Ontario who sell their home with a real estate agent is between 70% and 80%.
B) In 99% of the years,between 70% and 80% of homes in Ontario are sold by a real estate agent.
C) About 99% of all random samples of home sellers in Ontario will produce a confidence interval that contains the true proportion of homes sold by a real estate agent.
D) About 99% of all random samples of home sellers in Ontario will find that between 70% and 80% of homes are sold by a real estate agent.
E) 99% of home sellers in Ontario will sell their home with a real estate agent between 70% and 80% of the time.

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Final Answer : C, Explanation :  99% confidence means that 99% of all random samples taken from the population of home sellers in Ontario will produce a confidence interval that contains the true proportion of homes sold by a real estate agent. In other words, if we were to take many random samples of home sellers in Ontario and construct a confidence interval for each sample using the same method, about 99% of these intervals would contain the true proportion of homes sold by a real estate agent. The 99% confidence interval in this survey ranges from 70% to 80%, which means that we are very confident (at the 99% level) that the true proportion of homes sold by a real estate agent in Ontario is between 70% and 80%.

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