Techie notes (my apologies for the lack of pictures).
Step 1: Open a Google Analytics account. Having a Google account makes this step much easier.
Step 2: Click Add a Website Profile. This link is found in the Website Profiles header on the right side of the screen.
Step 3: Add your site's URL, your country, and your time zone. Click Finish
Step 5: Open a new window and log into your blogger account.
Step 6: (I am using Old Blogger), Go to Template > Edit Current
Step 7: Scroll to the bottom of the code. Paste the new code between /div and /body. It should look something like this:
Step 8 : Save the template.
Step 9: Go back to Google Analytics. You should see a message stating that Google Analytics is now receiving data.
I find that it takes about 24 hours to start receiving reports.
Hope this helps.