A bank manager wishes to estimate the average waiting time for customers in line for tellers. A random sample of 50 times is measured and the average waiting time is 5.7 minutes. The population standard deviation of waiting time is 2 minutes. Which Excel function would be used to construct a confidence interval estimate?a. NORM.INVb. T.INVc.INTd.CONFIDENCE.NORM
Accepted Solution
A:
Answer:d) CONFIDENCE.NORMStep-by-step explanation:Given that a bank manager wishes to estimate the average waiting time for customers in line for tellers. A random sample of 50 times is measured and the average waiting time is 5.7 minutes. n =50: mu = 5.7 and sigma = 2To construct a confidence interval we use excel function asd) CONFIDENCE.NORMa) is wrong because this is to get normal x valueb ) is to get left tailed t inverse valuec) INT is to get the integer part of a decimal numberOption d is right