For each of the problems unless stated otherwise. First state what is given in the problem and the formula needed to calculate the problem. Then calculate the problem both by hand and in excel. Copy and past the formula used in excel. Make sure the answers are easy to identify in both sections. By completing the questions by hand and in excel it provides a double check on your work.

To become an actuary, it is necessary to pass a series of 10 exams, including the most important one, an exam in probability and statistics. An insurance company wants to estimate the mean score on this exam for actuarial students who have enrolled in a special study program. They take a sample of 8 actuarial students in this program and determine that their scores are: 2, 5, 8, 8, 7, 6, 5, and 7. Construct a 90% confidence interval for the mean score of actuarial students in the special program (4pts)

Given

Formula to solve problem

Excel

Hand calculation