The objective of Scenario 2 is to assess your ability to Scenario 2: A small medical supply company is concerned about the amount of construct and interpret a confidence interval for the accounts payable that are more than 45 days outstanding. The finance manager population average using Excel. Use Excel's "Descriptive takes a sample of 15 accounts that are more than 45 days outstanding and analyzes Statistics" option for the questions about confidence the amounts. Use this sample to answer the questions that follow. See "One- intervals (Descriptive Statistics use the t distribution) and sample confidence interval for mean with Excel" (Video, 3 min) posted on Canvas Answers reference the appropriate cells (where needed). See under Week 5 for some guidance. Sample Chapter 8, Section 2. Show your answers to two decimal $1,074.32 places (for example, 113.22). 3 What is the standard error? $1,038.73 $1,247.23 $1,084.79 4 Using the t-distribution, what is the lower limit for a 95% confidence interval for $1,209.45 the true average (u) amount more than 45 days outstanding? $1, 165.20 $1, 161.54 5 Using the t-distribution, what is the upper limit for a 95% confidence interval for $1,069.32 the true average (u) amount more than 45 days outstanding? $1,311.33 $991.22 6 Using the t-distribution, what is the upper limit for a 90% confidence interval for $1,321.37 the true average (u) amount more than 45 days outstanding? $1, 197.38 $1, 167.51 7 Using the t-distribution, what is the lower limit for a 90% confidence interval for $1,308.27 the true average (u) amount more than 45 days outstanding? $1,421.71 8 True or False. Increasing the sample size (and assuming the standard deviation remains the same) will increase the width of the confidence interval. 9 Suppose the medical supply company has 300 total accounts that are more than 45 days outstanding. What is your point estimate for the total value of the 300 accounts that are more than 45 days outstanding