The average annual premium for automobile insurance in the United States is $1581. A representative sample...

 

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The average annual premium for automobile insurance in the United States is $1581. 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. X Open spreadsheet 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. Does the 95% confidence interval for the annual automobile insurance premium in Michigan include the national average for the United States? $ What is your interpretation of the relationship between auto insurance premiums in Michigan and the national average? the national average. We would be % confident that auto insurance premiums in Michigan are 123456TOHANSSA872 9 10 11 19 20 D Annual Premium 1968 3184 2317 2729 2534 2977 2628 2557 2659 2678 2399 2801 2945 2529 2648 2128 2513 2200 2304 2469 B C Sample Size Point Estimate of Mean (to the whole) Standard Deviation (4 decimals) Confidence Coefficient Level of Significance Margin of Error (2 decimals) C.I. Lower Limit (2 decimals) C.I. Upper Limit (2 decimals) National Average for the U.S. Does the 95% confidence interval for the annual automobile insurance premium in Michigan include the national average for the United States? D 0.95 1581 E Formula Used F #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A The average annual premium for automobile insurance in the United States is $1581. 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. X Open spreadsheet 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. Does the 95% confidence interval for the annual automobile insurance premium in Michigan include the national average for the United States? $ What is your interpretation of the relationship between auto insurance premiums in Michigan and the national average? the national average. We would be % confident that auto insurance premiums in Michigan are 123456TOHANSSA872 9 10 11 19 20 D Annual Premium 1968 3184 2317 2729 2534 2977 2628 2557 2659 2678 2399 2801 2945 2529 2648 2128 2513 2200 2304 2469 B C Sample Size Point Estimate of Mean (to the whole) Standard Deviation (4 decimals) Confidence Coefficient Level of Significance Margin of Error (2 decimals) C.I. Lower Limit (2 decimals) C.I. Upper Limit (2 decimals) National Average for the U.S. Does the 95% confidence interval for the annual automobile insurance premium in Michigan include the national average for the United States? D 0.95 1581 E Formula Used F #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A

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