Question

How do I do this in Excel?

Business has about 20 customers a day with standard deviation of 6 customers. Assume normal distribution. In an attempt to increase the number of customers, manger offers a $2 discount on 10 consecutive weekdays. Reports strategy works since sample mean of customers during the 10 days period jumps to 25. a. What is the probability of getting a sample average of 25 or more even if the manager does not offer the discount? b. Does it appear that the manager's strategy has worked? Use the 5% rule to justify your answer

Answer 1

to do this problem in excel

for part (a) go to excel --- insert--- formula-more functions-statistical-normdist

put desired values in the box and get the result

for part (b) go to excel --- insert--- formula--more functions--statistical--confidence

put desired values in the box and get the result

(I am saying in terms of excel 2007)

Dear student you can easily find the options in updated excel version by searching XLSTAT and choosing "Normdist" and "confidence" accordingly