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Please provide solutions to the following problems. Please use Excel to solve the problems and submit...

Please provide solutions to the following problems. Please use Excel to solve the problems and submit the Excel spreadsheet.

  1. You started a new restaurant. Based on invoices for the first 30 days, you estimated your average grocery bill to be $20,000 with a standard deviation of $2000. You want to start another restaurant in a similar neighborhood and you are planning to prepare a brochure for investors and to work out a deal with a whole sale food distributor. Prepare a 95% confidence interval for the average grocery bill. Would a 99% confidence interval be narrower or wider than the 95% confidence interval?

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milcah answered 1 year ago
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