Problem 2: The manager of an auto repair wants to advertise one price for an engine tune-up, with parts included. Before he decides the price to advertise, he needs a good estimate of the average cost of tune-up parts. A sample of 20 customer invoices for tune-ups has been selected and the costs of parts, rounded to the nearest dollar, are listed below. Answer the three questions below. 150 78 93 57 75 52 99 80 105 62 104 74 62 68 97 73 77 65 80 109 1) What is the point estimate for the average cost of all tune-up parts? 2) 99% confidence interval is 3) If the manager thinks the 99% confidence is too wide and wants to narrow it down, what can he do?

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Please need help to calculate attached questions in excel formula 

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Problem 2: The manager of an auto repair wants to advertise one price for an engine tune-up, with parts
included. Before he decides the price to advertise, he needs a good estimate of the average cost of tune-up
parts. A sample of 20 customer invoices for tune-ups has been selected and the costs of parts, rounded to the
nearest dollar, are listed below. Answer the three questions below.
150
78
93
57
75
52
99
80
105
62
104
74
62
68
97
73
77
65
80
109
1) What is the point estimate for the average cost of all tune-up parts?
2) 99% confidence interval is
3)
If the manager thinks the 99% confidence is too wide and wants to narrow it down, what can he do?
Transcribed Image Text:Problem 2: The manager of an auto repair wants to advertise one price for an engine tune-up, with parts included. Before he decides the price to advertise, he needs a good estimate of the average cost of tune-up parts. A sample of 20 customer invoices for tune-ups has been selected and the costs of parts, rounded to the nearest dollar, are listed below. Answer the three questions below. 150 78 93 57 75 52 99 80 105 62 104 74 62 68 97 73 77 65 80 109 1) What is the point estimate for the average cost of all tune-up parts? 2) 99% confidence interval is 3) If the manager thinks the 99% confidence is too wide and wants to narrow it down, what can he do?
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