Exercise 6: Confidence Intervals for the Population Mean using t-values A recent survey of student loan debt incurred to finance undergraduate education, the average amount of debt for a 4-year college degree with $38,750 with a standard deviation of $9,250. The sample size is 1,000. Construct Confidence Intervals using a 95% and 99% Confidence Levels. Please note: The Critical Value of t for 999 degrees of freedom with a 95% Confidence Level is 1.962 and 2.581 for a 99% confidence level. The Excel formula for critical values is: =TINV(1-Confidence Level, degrees of freedom). Here are the sample statistics: Inputs $ Sample Mean (X) $37,172 Presumed Population Standard Deviation, $9,250 1. What is the point estimate for the population mean, ? 2. What are the confidence intervals at the 95% and 99% confidence levels? Construct the confidence intervals by hand and by using the CONFIDENCE.T function. Report the Margin of Error, Lower Confidence Limit, and Upper Confidence Limit. Paste your work from Excel using Word's Paste Special function. S X taf 3. What does these confidence intervals you constructed tell you