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Insurance company, based on past experiences, evaluates mean damages for natural disaster in its area is $5000. After introducing several plans to decrease loss, they randomly sample 20 policy holders and determine its mean amount per claim to $4900 with standard deviation of $1300. Does it seem prevention plans were effective in reducing mean amount of a claim? Use 0.05 level of significance. Set up Null and Alternate Hypothesis.

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Statistics and Probability, Statistics

Category:- Statistics and Probability
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