this exercise we will explore the link between the standard normal distribution, Z ~ N(mean=0, variance=1), and the Student's t distribution, X ~ Student's t(d.o.f.=n-1). Calculate the following using the Excel function =NORM.INV or =T.INV as appropriate.

Calculate the values of X, where X ~ Students t(d.o.f.=n-1), for which 0.5% of the data lies in the lower tail and 0.5% lies in the upper tail, and where n=50 such that X ~ Students t(d.o.f.=49).