Question: 8.2 Number 3b ***** what data do you need? Annual Premium 1911 3119 2380 2732 2554 2921 2680 2591 2620 2600 2377 2830 2958 2531

8.2 Number 3b ***** what data do you need?

Annual Premium
1911
3119
2380
2732
2554
2921
2680
2591
2620
2600
2377
2830
2958
2531
2686
2114
2526
2161
2390
2453

The average annual premium for automobile insurance in the United States is $1571. A representative sample of annual premiums for the state of Michigan is contained in the Excel Online file below. Assume the population is approximately normal. Construct a spreadsheet to answer the following questions.

a. Provide a point estimate of the mean annual automobile insurance premium in Michigan.

$_________ (to the nearest dollar)

b. Develop a 95% confidence interval for the mean annual automobile insurance premium in Michigan.

($_______ , $________) (to the nearest cent)

c. What is your interpretation of the relationship between auto insurance premiums in Michigan and the national average?

We would be __________% confident that auto insurance premiums in Michigan are above the national average.

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock blur-text-image

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Students Have Also Explored These Related General Management Questions!

8.2 Number 3b ***** what data do you need? Annual Premium 1911 3119 2380 2732 2554 2921 2680 2591 2620 2600 2377 2830 2958 2531 2686 2114 2526 2161 2390 2453 The average annual premium for automobile...

Use the provided spreadsheet (presenting the data used to create Figure 1.2 from the textbook). Consider Australia, China, USA and another two countries of your choice. 1. For each country calculate...

Question 1 (10 marks) Read section 1.1 of the textbook. Use the provided spreadsheet (presenting the data used to create Figure 1.2 from the textbook). Consider Australia, China, USA and another two...

1 The daily volume of a brokerage company follows a normal distribution. The director wants to estimate the daily volume negotiated. a) What size should have a sample to estimate the daily trading...

CoursHeroTranscribedText: Question 1 The daily volume of a brokerage company follows a normal distribution. The director wants to estimate the daily volume negotiated. a) What size should have a...

Question 1 (10 marks) Use the provided spreadsheet. Consider Australia, China, USA and another two countries of your choice. 1. For each country calculate the 90/10 ratio in 1980, 1990 and 2014. (3...

C++ Programming APPENDIX D (Atmospheric Pressure Input Data & Output Requirements) Figure D-1 below provides a sample of the actual contents within the input file (e.g. pressure.txt), storing the...

3. (27 pt) Suppose that Company A has agreed to supply the following quantities of laser printer toners to Company B during the next 2 months: Month January February Units 80 140 Company A can...

Piedmont Fasteners Corporation makes three different clothing fasteners in its manufacturing facility in North Carolina. All three products are sold in highly competitive markets, so the company is...

In each of the following pseudocode program segments, the integer variables i, j,n, and sum are declared earlier in the program. The value of n (a positive integer) is supplied by the user prior to...

Use the given financial data and calculate the ratios Calculate these ratios: Rate if return in investment (ROE) P/E ratio Debit to equity ratio The ratio of interest to total assets Net sales...

Emerald s management prefers that equity financing ( shareholder funding ) represent the highest percentage of financing in the capital structure. Determine and explain to Emerald s management five...

Premise: Using a dictionary and list, create a set of key / value pairs that consists of a musical database. The key / value pairs should consist of Artist Name: Song Names pattern. For example, EACH...