Ask Question, Ask an Expert

+61-413 786 465

info@mywordsolution.com

Ask Statistics and Probability Expert

In New York State, savings banks are permitted to sale a form of life insurance called savings bank life insurance (SBLI).  The approval process consists of underwriting, which comprise a review of application, a medical information bureau check, possible requests for the addition medical information and medical exams, and policy compilation phase in which the policy pages are generated and sent to the bank for delivery. The capability to deliver approved policies to customers in timely manner is critical to profitability of this service. During the period of one month, a random sample of 27 approved policies is selected, and total processing time, in days, is recorded (as stored in the insurance.xls file):    

73        19        16       64        28        28        31      90   60    56   13   56     22        18

45        48        17        17        17        91        92        63        50        51   69  16       17

In the past, the mean processing time was 45 days.  At the 0.05 level of significance, is there evidence that the mean processing time has changed from 45 days?

Statistics and Probability, Statistics

  • Category:- Statistics and Probability
  • Reference No.:- M916891

Have any Question?


Related Questions in Statistics and Probability

A representative from your company visited a prison and

A representative from your company visited a prison and sampled 500 prisoners in Kailil , concluding that 90 of them are political prisoners. the Test hypothesis, at the 5% significance level, that one third of the priso ...

A manufacturing company wishes to compare two production

A manufacturing company wishes to compare two production facilities based on Defective units out of total unit production. The company obtains random samples from both facilities. Facility A produced a total of 983 units ...

Lee smith imports paid a 100 per share annual dividend last

Lee Smith Imports paid a $1.00 per share annual dividend last week. Dividends are expected to increase by 5% annually. What is one share of this stock worth to you today if the appropriate discount rate is 14%? a. $7.14 ...

According to the national health interview survey 47 of us

According to the national health interview survey, 4.7% of U.S adults 50 and older have had a total knee replacement. A random sample of 20 adults 50 and older has been selected. Use the Poisson distribution to approxima ...

The stat 200 course coordinator wants to estimate the

The STAT 200 course coordinator wants to estimate the proportion of all online STAT 200 students who attend Penn State Learning tutoring sessions. In a survey of 72 students during the Summer 2018 semester, 8 had attende ...

A restaurant serves hot chocolate that has a mean

A restaurant serves hot chocolate that has a mean temperature of 175 degrees with a standard deviation of 8.1 degrees. Find the probability that a randomly selected cup of hot chocolate would have a temperature of less t ...

Jeremy needs to start paying back his student loan the

Jeremy needs to start paying back his student loan. The amount he owes is $14,069.80 with an APR of 6.94%. Assuming he will take 10 years, how much will his monthly payment be?

Consider the probability distribution shown belowx 0 1 2 px

Consider the probability distribution shown below. x 0 1 2 P(x) 0.65 0.30 0.05 Compute the expected value of the distribution. Compute the standard deviation of the distribution. (Round your answer to four decimal places ...

A factory makes parts for laptop computers including screws

A factory makes parts for laptop computers, including screws. The screws are required to have the right length. The lengths of the screws obey a normal distribution with mean μ=4.25 millimeters and standard deviation σ=0 ...

Are the outcomes of hospital care different on weekends

Are the outcomes of hospital care different on weekends than weekdays? In a random sample of 500 patients who experienced severe medical complications after admission to acute care wards in three U.S. states from 1999 an ...

  • 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

Why might a bank avoid the use of interest rate swaps even

Why might a bank avoid the use of interest rate swaps, even when the institution is exposed to significant interest rate

Describe the difference between zero coupon bonds and

Describe the difference between zero coupon bonds and coupon bonds. Under what conditions will a coupon bond sell at a p

Compute the present value of an annuity of 880 per year

Compute the present value of an annuity of $ 880 per year for 16 years, given a discount rate of 6 percent per annum. As

Compute the present value of an 1150 payment made in ten

Compute the present value of an $1,150 payment made in ten years when the discount rate is 12 percent. (Do not round int

Compute the present value of an annuity of 699 per year

Compute the present value of an annuity of $ 699 per year for 19 years, given a discount rate of 6 percent per annum. As