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answer with an example is attached below
Answer with explanation:
A x% confidence interval interprets that a person can be x% confident thatthe true mean lies in it.
Here, Credit card companies is using the collection agency to justify the cost of , the agency must collect an average of at least $200 per customer.
i.e.
The 90% confidence interval on the mean collected amount was reported as ($190.25, $250.75) .
I recommend that we can be 90% sure that the true mean collected amount lies in ($190.25, $250.75).
Also, $200 lies in it such that it is more far from $250.75 than $190.25, that means there are large chances of having an average is at least $200 per customer.