Use Excel to answer. A college admission officer for an MBA program determines that historically candidates...

Use Excel to answer. A college admission officer for an MBA program determines that historically candidates have undergraduate grade averages that are normally distributed with standard deviation of .45. A random sample of 25 applications from the current year yields a sample mean grade point average of 2.90.

Find a 95% confidence interval for the population mean, μ. (Round the boundaries to 2 decimal places.)

Based on the same sample results, a statistician computes a confidence interval for the population mean as 2.81< μ < 2.99. Find the α for this interval and the probability content (1- α) as well. (Round to 4 digits.) (Note: the correct α is a higher number than traditional α used; so don’t worry if your number “looks” wrong!)

Hint: first calculate α/2 using either the lower bound (2.81) or upper bound (2.99); then calculate α. Finally, calculate the probability content of the interval, which is (1- α). And make sure you use the standard error, not the standard deviation, to calculate α/2.

Solutions

Expert Solution

I can't describe steps in Excel since we have to calculate this in a single cell. There is no in built formula to calculate Confidence Interval in Excel. You can input the values in different cells and then using the formula in an other cell you can get the required Confidence Interval. The process of calculating Confidence Interval has shown below.

orchestra answered 1 year ago

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