Hi Yash, Thanks for your comment. Let’s look at the calculation below: 1. **Standard Error (SE):** This is the standard deviation divided by the square root of the sample size. * 23,300 / sqrt(100) = 23,300 / 10 = **2,330** 2. **Margin of Error:** For a 95% confidence level, the standard Z-score is **1.96**. * 1.96 * 2,330 = **4,566.8** 3. **Confidence Interval:** * Lower Bound: 400,000 - 4,566.8 = **395,433.2** * Upper Bound: 400,000 + 4,566.8 = **404,566.8** This matches **Option A**. Option C (395,456 to 404,456) implies a margin of error of 4,544. If you divide 4,544 by the SE of 2,330, you get a Z-score of **1.95**. In the FRM exam, always use **1.96** for a 95% confidence interval unless told otherwise.