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According to Best Value Auto Insurance, the average annual cost of automobile insurance was $1248 in...

According to Best Value Auto Insurance, the average annual cost of automobile insurance was $1248 in Nebraska in 2012. An insurance broker wants to know if the current mean annual rate of automobile insurance in Nebraska is different than $1248. He took a random sample of 100 insured automobiles from the state of Nebraska and found the mean annual automobile insurance rate of $1375 with a standard deviation of $128. Using a 1% significance level and the critical value approach, what can you conclude about the current mean annual automobile insurance rate in Nebraska? Explain your answer.

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