A government initiative is implemented to reduce the average annual out-of-pocket medical costs for senior citizens. It is known from previous data that under the old system, the population mean annual cost was $5340 and the population standard deviation was $2010. After the new program is implemented, the annual out-of-pocket medical costs are recorded for a sample of 75 senior citizens, and the resulting sample mean is $4820. a. Construct the 99% confidence interval for the new population mean, assuming the population standard deviation remains unchanged. Point Estimate = Standard error= Z=± E= 99% confidence interval is Does the result seem to support the government's claim that the new program has reduced the annual out-of-pocket cost to seniors?
A government initiative is implemented to reduce the average annual out-of-pocket medical costs for senior citizens. It is known from previous data that under the old system, the population mean annual cost was $5340 and the population standard deviation was $2010. After the new program is implemented, the annual out-of-pocket medical costs are recorded for a sample of 75 senior citizens, and the resulting sample mean is $4820. a. Construct the 99% confidence interval for the new population mean, assuming the population standard deviation remains unchanged. Point Estimate = Standard error= Z=± E= 99% confidence interval is Does the result seem to support the government's claim that the new program has reduced the annual out-of-pocket cost to seniors?
Glencoe Algebra 1, Student Edition, 9780079039897, 0079039898, 2018
18th Edition
ISBN:9780079039897
Author:Carter
Publisher:Carter
Chapter4: Equations Of Linear Functions
Section: Chapter Questions
Problem 8SGR
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A government initiative is implemented to reduce the average annual out-of-pocket medical costs for senior citizens. It is known from previous data that under the old system, the population mean annual cost was $5340 and the population standard deviation was $2010. After the new program is implemented, the annual out-of-pocket medical costs are recorded for a sample of 75 senior citizens, and the resulting sample mean is $4820.
a. Construct the 99% confidence interval for the new population mean, assuming the population standard deviation remains unchanged.
Point Estimate =
Standard error=
Z=±
E=
99% confidence interval is
Does the result seem to support the government's claim that the new program has reduced the annual out-of-pocket cost to seniors?
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