Question

Please use excel and explain clearly

An automobile rental agency has the following mileages for a simple random sample of 20 cars that were rented last year:
55, 35, 65, 64, 69, 37, 88, 80, 39, 61, 54, 50, 74, 92, 59, 50, 38, 59, 29, 60.
Construct and interpret the 99% confidence interval for the population mean.

Answer 1

We are 99 % confident that the population mean lies between  46.779 < μ < 69.021

Confidence Interval Estimate for the Mean: T-Statistic
Small Sample or Sigma Not Known
Data
Sample Standard Deviation	17.384	=STDEV.S()
Sample Mean	57.900	=AVERAGE ()
Sample Size n	20	=COUNT()
Confidence Level %	99%
Alpha α	0.010	=1-B7
Degrees of Freedom	19.000	=B6-1
tc Value	2.861	=T.INV.2T(B8, B9)
Standard Error of the Mean	3.887	=B4/SQRT(B6)
Margin of Error E	11.121	=B10*B11
Confidence Interval
Interval Lower Limit	46.779	=B5-B12
Interval Upper Limit	69.021	=B5+B12
46.779 < μ < 69.021