Resources: Microsoft Excel®, The Payment Time Case Study, The Payment Time Case Data Set Review the Payment Time Case Study and Data Set. Develop a report of no more than 700 words that includes the following calculations and uses 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 the 95% confidence interval and state whether or not the billing system was effective.Using the 99% confidence interval, can we be 99% confident that the new billing system was effective?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? Include a brief introduction and conclusion.
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