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An insurance company is reviewing its present policy rates. When originally setting the rates they believed that the average claim amount was $1,800. Now there are concerns that if the true mean is really higher than this they could potentially lose a lot of money. They randomly chose 40 claims, and compute a sample mean of $1,950. Supposing that the standard deviation of claims is $500, and set significance level = :05, test to see if the insurance company must be concerned.

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