Question: An insurance company based on past experience estimates the mean
An insurance company, based on past experience, estimates the mean damage for a natural disaster in its area is $5,000. After introducing several plans to prevent loss, it randomly samples 200 policyholders and finds the mean amount per claim was $4,800 with a standard deviation of $1,300. Does it appear the prevention plans were effective in reducing the mean amount of a claim? Use the .05 significance level.
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