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**** PLEASE SHOW HOW TO SOLVE IN EXCEL NOT HANDWRITTEN*** The average cost per night of...

**** PLEASE SHOW HOW TO SOLVE IN EXCEL NOT HANDWRITTEN***

  1. The average cost per night of a hotel room in New York City is $325. Assume this estimate is based on a sample of 100 hotels and that the sample standard deviation is $75.
    1. What is the 95% confidence interval estimate of the population mean?
    2. What is the 99% confidence interval estimate of the population mean?
Math   Statistics-And-Probability   
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Answer #1

We have given sample mean=325

sample Standard Deviation=75

Size=100

In,excel

a)95% confidence interval for population mean is

We use CONFIDENCE function in excel

Confidence Interval = x ± CONFIDENCE

95% confidence interval 310.3003 339.6997

b) 99% confidence interval for population mean is

99% confidence interval 305.6813 305.6813

Excel work

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