Instructions: Read this very carefully. In one Excel file create two sheets. Label one sheet "Problem1" and label the second sheet "Problem 2." Your solutions to the two problems should berecorded on the corresponding sheet. Additionally, you should clearly label each part of the problemswith (a), (b), etc., and every computation should be labeled. For example, in the cell next tothe mean of the data, you should have typed the word mean or average.
Be sure to do your computations using Excel. Do not do computations using Table A or on acalculator and then type the answers into Excel.1. Cheap-As-Dirt Rental Company advertises that the average cost of a rental they find forundergraduate students at the University of Oregon is $540 with a standard deviation of$75 (Let us assume the rents are approximately Normally distributed.) The Department ofConsumer Protection will investigate the company if, when they choose a sample of students,they find that the average rental cost for those students is $610 or more.
(a) Assuming that the company is advertising truthfully, what is the probability that the company will be investigated if the Department of Consumer Protection only samples one client?
(b) Assuming that the company is advertising truthfully, what is the probability that the company will be investigated if the Department of Consumer Protection samples 10 clients?
(c) Assuming that the company is advertising truthfully, what is the probability that the company will be investigated if the
Department of Consumer Protection samples 50 clients?2. In New York City in the late 1970s and early 1980s, parking meter collections averaged $1.75million per month with a standard deviation of $302 thousand per month. Assume thatthe amount generated per month is Normal with the mean and standard deviation from theprevious sentence.For about two years the city hired Brink's Inc. to do collections instead. The data file givesthe collections that Brink's reported to the city during that period.
(a) What is the sample size for this data?
(b) What is the sample mean?
(c) The city was concerned that Brink's was stealing money from the parkingmeter receipts. Assume that this sample of months is like a random sample. Given youranswers to the first two parts, what is the probability of a sample at least as far belowthe mean as the sample from the period of the Brink's contract?
Attachment:- Worksheet3Data.xls