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# pAYMENT TIME

**Purpose of Assignment**

The purpose of the assignment is to develop students' abilities in using datasets to apply the concepts of sampling distributions and confidence intervals to make management decisions.

**Assignment Steps**

**Resources:** Microsoft Excel®, The Payment Time Case Study, The Payment Time Case Data Set

**Review** the Payment Time Case Study and Data Set.** (as an Introduction for your paper)**

**Develop** a minimum of 700-word report including the following calculations and using the information to determine whether the new billing system has reduced the mean bill payment time:

- Assuming the standard deviation of the payment times for all payments is 4.2 days, construct a 95% confidence interval estimate to determine whether the new billing system was effective. State the interpretation of 95% confidence interval and state whether or not the billing system was effective.
- Using the 95% confidence interval, can we be 95% confident that µ ≤ 19.5 days?
- Using the 99% confidence interval, can we be 99% confident that µ ≤ 19.5 days?
- If the population mean payment time is 19.5 days, what is the probability of observing a sample mean payment time of 65 invoices less than or equal to 18.1077 days?

**Format** your assignment consistent with APA format.

**References** : Minimum of 2 references and in text citation accordingly to the references you used.

**Submit**: You need to submit 1 word document and 1 Excel file showing all the works done by you! calculations, graphs, tables need to be included in both the word document and the Excel file.

**NOTE**: Attached are the needed resources for you to start this assignment. Make sure you compare your assignment with the attached grading guide to get full points for this