2. Using the data from the 'Data' tab in this workbook, construct a95%confidence interval for the population mean. Assume that your data is normally distributed and is unknown. Include a statement that correctly interprets the confidence interval in context of the scenario.

Hint: Use the sample mean and sample standard deviation from Deliverable 1. use cell referencing to use the unrounded values.

Calculate all of the values needed to create this confidence interval to the right.

Below, include a breakdown of the steps, include formulas, and correctly interpret the solution in context of the scenario with the correct units.

3. Using the data from the 'Data' tab in this workbook, construct a99%confidence interval for the population mean. Assume that your data is normally distributed and is unknown. Include a statement that correctly interprets the confidence interval in context of the scenario.

Hint: Use the sample mean and sample standard deviation from Deliverable 1. use cell referencing to use the unrounded values.

Calculate all of the values needed to create this confidence interval to the right.

Below, include a breakdown of the steps, include formulas, and correctly interpret the solution in context of the scenario with the correct units.

4. Compare your answers for Question 2 and 3. Notice that the 99% confidence interval is wider.

a. What is the advantage of using a wider confidence interval?

b. Why would you not always use the 99% confidence interval? Explain with an example.

5. We want to estimate the mean salary in Minnesota.

a. How many jobs must be randomly selected for their respective mean salaries if we want 99% confidence that the sample mean is within $2000 of the population mean. Assume that a previous sample provided a population standard deviation of $18,000.

Show your calculations using Excel functions in the area to the right of this text box and answer the problem with explanations below.

b. Is the current sample size of 599 in the data set in our Excel workbook large enough? Explain.

Midrange	114545	Dollars
Range	167,130	Dollars
Variance	725641287.9	Dollars Squared
Standard Deviation	26937.72982	Dollars
Maximum	30,980	Dollars
Minimum	198,110	Dollars

Salary Calculations	Formulas/Answers
mean	65,039	Dollars
Median	58,710	Dollars
Modes	49970	Dollars
	33510	Dollars
	64540	Dollars