Question $1(10\%)$:The following data were obtained by observing three elements of a financial managers task.Observations$($second per cycle$)$Element Performance Rating $12345$A $90\%3335343233$B $110\%4142404341$C $85\%3941404241$a$.$ Using the data and an allowance of $10$ percent of task time, determine a standard tie for the task.b$.$ Determine the number of observations that would be required to estimate the mean time for elementA within $4$ percent of the true value with a confidence of $98$ percent.c$.$ How many observations would be needed to estimate the mean time for Element C to within $0\mathrm{.}01$minutes of its actual value with a confidence of $90$ percent?

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