Instructions.The data set in the spreadsheet consists of 599 records that you will be analyzing from the Bureau of Labor Statistics. The data set contains a listing of several jobs titles with yearly salaries ranging from approximately $30,000 to $200,000 for the state of Minnesota.

The Excel spreadsheet contains six tabs. The first tab, labeled "data," requires you to calculate the mean, standard deviation, and sample size using the correct Excel formulas. The next five tabs contain questions for you to complete. Ensure that you are completely answering all questions with steps shown, explanations, and correct formatting.A major client of your company is interested in the salary distributions of jobs in the state of Minnesota that range from $30,000 to $200,000 per year. As a Business Analyst, your boss asks you to research and analyze the salary distributions. You are given a spreadsheet that contains the following information:

1. Discuss the importance of constructing confidence intervals for the population mean by answering these questions.

a. What are confidence intervals?

b. What is a point estimate?

c. What is the best point estimate for the population mean? Explain.

d. Why do we need confidence intervals?

2. Using the data from the 'Data' tab in this workbook, construct a95%confidence interval for the population mean. Assume that your data is normally distributed and is unknown. Include a statement that correctly interprets the confidence interval in context of the scenario.

3. Using the data from the 'Data' tab in this workbook, construct a99%confidence interval for the population mean. Assume that your data is normally distributed and is unknown. Include a statement that correctly interprets the confidence interval in context of the scenario.

4. Compare your answers for Question 2 and 3. Notice that the 99% confidence interval is wider.

a. What is the advantage of using a wider confidence interval?

b. Why would you not always use the 99% confidence interval? Explain with an example.

5. We want to estimate the mean salary in Minnesota.

a. How many jobs must be randomly selected for their respective mean salaries if we want 99% confidence that the sample mean is within $2000 of the population mean. Assume that a previous sample provided a population standard deviation of $18,000.

b. Is the current sample size of 599 in the