Use excel call function to show me how you to get answer. (answer, steps and explanation)

1. You want to estimate the average time in minutes to operate an Instacart run. You run a preliminary sample of 14 grocery orders as shown below. How many observations are needed to be 95% confident of being within 5 minutes of the true mean?

Observations needed:

Is the preliminary sample large enough for the desired precision?

Times

40

55

26

34

41

44

46

35

50

38

68

37

49

38

1. In the process of setting rates for an insurance product, you are needing to estimate the percentage of fliers who experience a lost bag. You desire an estimate within 3 percentage points of the true percentage, in the context of a 96% confidence level. You have on your desk 15 claims of lost luggage from last week. The total number of fliers from which these claims are derived you estimate to be 700.

How many observations would you need in a sample to find your desired percentage estimate?

: Observations