Question

Anystate Auto Insurance Company took a random sample of 390 insurance claims paid out during a...

Anystate Auto Insurance Company took a random sample of 390 insurance claims paid out during a 1-year period. The average claim paid was $1555. Assume σ = $234.

Find a 0.90 confidence interval for the mean claim payment. (Round your answers to two decimal places.)

lower limit     $
upper limit     $


Find a 0.99 confidence interval for the mean claim payment. (Round your answers to two decimal places.)

lower limit     $
upper limit     $

Homework Answers

Answer #1

Given that, sample size (n) = 390

sample mean = $1555 and

population standard deviation (σ) = $234

a) A 90% confidence level has significance level of 0.10 and critical value is,

The 90% confidence interval for the mean claim payment is,

Where,

Lower limit = $ 1535.51

Upper limit = $ 1574.49

b) A 99% confidence level has significance level of 0.01 and critical value is,

Where,

Lower limit = $ 1524.49

Upper limit = $ 1585.51

​​​​​​

Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
Anystate Auto Insurance Company took a random sample of 390 insurance claims paid out during a...
Anystate Auto Insurance Company took a random sample of 390 insurance claims paid out during a 1-year period. The average claim paid was $1545. Assume σ = $258. Find a 0.90 confidence interval for the mean claim payment. (Round your answers to two decimal places.) lower limit     $ upper limit     $ Find a 0.99 confidence interval for the mean claim payment. (Round your answers to two decimal places.) lower limit     $ upper limit     $
Anystate Auto Insurance Company took a random sample of 350 insurance claims paid out during a...
Anystate Auto Insurance Company took a random sample of 350 insurance claims paid out during a 1-year period. The average claim paid was $1590. Assume σ = $234. Find a 0.90 confidence interval for the mean claim payment. (Round your answers to two decimal places.) lower limit     $ upper limit     $ Find a 0.99 confidence interval for the mean claim payment. (Round your answers to two decimal places.) lower limit     $ upper limit     $
Anystate Auto Insurance Company took a random sample of 372 insurance claims paid out during a...
Anystate Auto Insurance Company took a random sample of 372 insurance claims paid out during a 1-year period. The average claim paid was $1530. Assume σ = $260. Find a 0.90 confidence interval for the mean claim payment. (Round your answers to two decimal places.) lower limit     $ upper limit     $ Find a 0.99 confidence interval for the mean claim payment. (Round answers to two decimal places.) lower limit     $ upper limit     $
Anystate Auto Insurance Company took a random sample of 360 insurance claims paid out during a...
Anystate Auto Insurance Company took a random sample of 360 insurance claims paid out during a 1-year period. The average claim paid was $1595. Assume σ = $262. Find a 0.90 confidence interval for the mean claim payment. (Round your answers to two decimal places.) lower limit     $ upper limit Find a 0.99 confidence interval for the mean claim payment. (Round your answers to two decimal places.) lower limit     $ upper limit     $
Anystate Auto Insurance Company took a random sample of 376 insurance claims paid out during a...
Anystate Auto Insurance Company took a random sample of 376 insurance claims paid out during a 1-year period. The average claim paid was $1540. Assume σ = $238. Find a 0.90 confidence interval for the mean claim payment. (Round your answers to two decimal places.) lower limit     $ upper limit     $ Find a 0.99 confidence interval for the mean claim payment. (Round your answers to two decimal places.) lower limit     $ upper limit     $
Anystate Auto Insurance Company took a random sample of 354 insurance claims paid out during a...
Anystate Auto Insurance Company took a random sample of 354 insurance claims paid out during a 1-year period. The average claim paid was $1530. Assume σ = $236. Find a 0.90 confidence interval for the mean claim payment. (Round your answers to two decimal places.) lower limit     $ upper limit     $ Find a 0.99 confidence interval for the mean claim payment. (Round your answers to two decimal places.) lower limit     $ upper limit     $
Anystate Auto Insurance Company took a random sample of 370 insurance claims paid out during a...
Anystate Auto Insurance Company took a random sample of 370 insurance claims paid out during a 1-year period. The average claim paid was $1575. Assume σ = $246. Find a 0.90 confidence interval for the mean claim payment. (Round your answers to two decimal places.) lower limit     $ upper limit     $ Find a 0.99 confidence interval for the mean claim payment. (Round your answers to two decimal places.) lower limit     $ upper limit     $
Anystate Auto Insurance Company took a random sample of 372 insurance claims paid out during a...
Anystate Auto Insurance Company took a random sample of 372 insurance claims paid out during a 1-year period. The average claim paid was $1560. Assume σ = $260. Find a 0.90 confidence interval for the mean claim payment. (Round your answers to two decimal places.) lower limit     $ upper limit     $ Find a 0.99 confidence interval for the mean claim payment. (Round your answers to two decimal places.) lower limit     $ upper limit     $
Anystate Auto Insurance Company took a random sample of 372 insurance claims paid out during a...
Anystate Auto Insurance Company took a random sample of 372 insurance claims paid out during a 1-year period. The average claim paid was $1510. Assume σ = $250. Find a 0.90 confidence interval for the mean claim payment. (Round your answers to two decimal places.) lower limit     $ upper limit     $ Find a 0.99 confidence interval for the mean claim payment. (Round your answers to two decimal places.) lower limit     $ upper limit     $
Anystate Auto Insurance Company took a random sample of 384 insurance claims paid out during a...
Anystate Auto Insurance Company took a random sample of 384 insurance claims paid out during a 1-year period. The average claim paid was $1595. Assume σ = $252. Find a 0.90 confidence interval for the mean claim payment. (Round your answers to two decimal places.) lower limit = $ upper limit = $ Find a 0.99 confidence interval for the mean claim payment. (Round your answers to two decimal places.) lower limit = $ upper limit =$
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT