In a random sample of 23 mortgage institutions, the mean interest rate was 3.42% and the standard deviation was 0.38%. assume the interest rates are normally distributed. which distribution should be used to construct the confidence interval?

a. the 99% confidence interval is
b. neither distribution can be used to construct the confidence interval. interpret the results.

choose the correct answer below.

a. it can be said that 99% of institutions have an interest rate between the bounds of the confidence interval.
b. if a large sample of institutions takes approximately 99% of them will have an interest rate between the bounds of the confidence interval.
c. with 99% confidence, it can be said that the population mean interest rate is between the bounds of the confidence interval.
d. neither distribution can be used to construct the confidence interval.