Use Excel to generate descriptive statistics for the four profit values in Q7 and calculate the 95% confidence interval for the true expected value of the total profit. If this interval has the form [$X, $Y], what is the value of X, expressed in millions? Choose the closest from the answers below.

Q: Use Excel to generate descriptive statistics for the four profit values in Q7 and calculate the 95% confidence interval for the true expected value of the total profit. If this interval has the form [$X, $Y], what is the value of X, expressed in millions? Choose the closest from the answers below.

or

Q: Compute the 95% confidence interval for the actual expected value of the total profit using Excel, and create descriptive statistics for each of the four profit numbers in Q7. What is the value of X in millions if this interval has the form [$X, $Y]? From the following responses, select the one that is closest.

• 6.8
• 62
• 48.5
• 55.3
• 2.1

Explanation: The lower bound of the confidence interval, $X$, is approximately 48.5 million.