Ask Question, Ask an Expert

+1-415-315-9853

info@mywordsolution.com

Ask Statistics and Probability Expert

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 choose 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.

Show all of your work and clearly label each of your computations. Share your computations from Excel and your interpretations of your findings in your Word document.

Copy and paste your computations for the three problems from Excel to Word and submit one Word document with your clearly labeled computations and interpretations.

Did you take statistics?

Statistics and Probability, Statistics

  • Category:- Statistics and Probability
  • Reference No.:- M915426

Have any Question? 


Related Questions in Statistics and Probability

A researcher evaluates a gun training program in a large

A researcher evaluates a gun training program in a large American city found that rapes dropped by 90% in the year following the training. Researchers looking at the same data but expanding the time frame to include 5 ye ...

According to a study conducted by dell computers 65 of men

According to a study conducted by Dell Computers, 65% of men and 70% of women say that weight is a very important factor in purchasing a laptop computer. Suppose this survey was conducted using 374 men and 481 women. Do ...

Repeat given exercise using the following solution concept

Repeat given Exercise, using the following solution concept: divide the estate in a continuous manner equally between the creditors, until one (or more) of the creditors has received his or her entire claim. Continue to ...

125 wordsexplain the history behind the black soldier of

125 words Explain the history behind the Black Soldier of the Civil War In this forum look beyond the book for information on specific units, soldiers and even the reasons for why Lincoln allowed the African American to ...

1 compute pearsons r between the life satisfaction variable

1. Compute Pearson's r between the life satisfaction variable and the family income variable in Table 1. Test the r for statistical significance, and draw conclusions about the meaning of the test. 2. Compute a Pearson c ...

1 you wish to learn the proportion of mba students that are

1.) You wish to learn the proportion of MBA students that are female within 3%, and with 98% confidence. How large of a sample should you get? 2.) You wish to learn the average age of an MBA student within 2 years and wi ...

In this exercise we prove a generalization of brouwers

In this exercise, we prove a generalization of Brouwer's Fixed Point Theorem to compact sets that are not necessarily convex, but are homeomorphic to a convex set. Two compact sets X and Y in R n  are called homeomorphic ...

Suppose that 3 of all adults suffer from diabetes and that

Suppose that 3% of all adults suffer from diabetes and that 28% of all adults are obese. Suppose also that 2% of all adults both are obese and suffer from diabetes. (a) Find the probability that a randomly chosen adult i ...

You plan to start saving for your sons college education he

You plan to start saving for your son's college education. He will begin college when he turns eighteen and will need $4,000 then and in each of the following three years. You will make a deposit at the end of this year ...

Many grocery stores and large retailers such as wal-mart

Many grocery stores and large retailers such as Wal-Mart and K-Mart have installed self checkout systems so shoppers can scan their own items and cash out themselves. How do customers like this service and how often do t ...

  • 4,153,160 Questions Asked
  • 13,132 Experts
  • 2,558,936 Questions Answered

Ask Experts for help!!

Looking for Assignment Help?

Start excelling in your Courses, Get help with Assignment

Write us your full requirement for evaluation and you will receive response within 20 minutes turnaround time.

Ask Now Help with Problems, Get a Best Answer

WalMart Identification of theory and critical discussion

Drawing on the prescribed text and/or relevant academic literature, produce a paper which discusses the nature of group

Section onea in an atwood machine suppose two objects of

SECTION ONE (a) In an Atwood Machine, suppose two objects of unequal mass are hung vertically over a frictionless

Part 1you work in hr for a company that operates a factory

Part 1: You work in HR for a company that operates a factory manufacturing fiberglass. There are several hundred empl

Details on advanced accounting paperthis paper is intended

DETAILS ON ADVANCED ACCOUNTING PAPER This paper is intended for students to apply the theoretical knowledge around ac

Create a provider database and related reports and queries

Create a provider database and related reports and queries to capture contact information for potential PC component pro