Use Excel to answer the following questions
Question Description
The price of a particular brand of jeans has a mean of $37.99 and a standard deviation of $7. A sample of 49 pairs of jeans is selected. Use Excel to answer the following questions.
1. What are the mean value, the standard deviation, and the shape of the sampling distribution of sample means?
2. What is the probability that the sample of jeans will have a mean price less than $40?
3. What is the probability that the sample of jeans will have a mean price between $38 and $39?
4. What is the probability that the sample of jeans will have a mean price within $3 of the population mean? 5. Find the average cost for 49 pairs of jeans on the 95th percentile.
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