A manager for an insurance company believes that customers have the following preferences for life insurance products: 20%prefer Whole Life, 40%40% prefer Universal Life, and 40%prefer Life Annuities. The results of a survey of 251customers were tabulated. Is it possible to refute the sales manager's claimed proportions of customers who prefer each product using the data?
Product | Number |
---|---|
Whole | 4848 |
Universal | 7070 |
Annuities | 133133 |
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Step 1 of 10:
State the null and alternative hypothesis.
Solution: A manager for an insurance company believes that customers have the following preferences for life insurance products: 20%prefer Whole Life, 40% prefer Universal Life, and 40%prefer Life Annuities. The results of a survey of 251customers were tabulated. Is it possible to refute the sales manager's claimed proportions of customers who prefer each product using the data?
Step 1 of 10:
State the null and alternative hypothesis.
Answer: The null and alternative hypotheses are given below:
Preferences for life insurance products are as per the manager's belief
Preferences for life insurance products are not as per the manager's belief
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