Question

A bank manager wishes to estimate the average waiting time for customers in line for tellers. A random sample of 50 times is measured and the average waiting time is 5.7 minutes. The sample standard deviation of waiting time is 2 minutes. Which Excel function would be used to find the margin of error to construct a confidence interval estimate? Group of answer choices

Answer 1

Confidence. Norm

Step-by-step explanation:

Confidence.Norm is an Excel function that uses a normal distribution to calculate the confidence value that can be used to calculate the confidence interval for a population mean,for a supplied probability and sample size. It is assumed that the standard deviation of the population is known.

So Confidence.Norm is the right formula to use here as the standard deviation has been given.