Exercise 3B2: P-Chart Problem (5 Points). Muncie Insurance Company (MIC) is concerned that too many of its policies may be rated incorrectly for risk. MIC's management has asked you to review the past 12 months of policy application errors to establish a policy rating control chart. Each month, one hundred policies are sampled and then evaluated for policy rating errors. Assume 3 sigma control limits and use 2 decimal places in all calculations. State whether or not the MIC policy rating process is in control and explain why. To receive full credit you must show proper formula setups, control limits, and LABEL THE CHART AS TAUGHT IN CLASS! Month Number 1 2 3 5 10 11 12 Policy Rating Errors 3 8 5 6 9 12 14 17 18 20 21 24 p-Chart 1 2 3 4 LO 6 7 00 9 10 11 12