A manager for an insurance company believes that customers have the following preferences for life insurance products: 30% prefer Whole Life, 30% prefer Universal Life, and 40% prefer Life Annuities. The results of a survey of 333 customers were tabulated. Is it possible to refute the sales manager's claimed proportions of customers who prefer each product using the data? Product NumberWhole 110Universal 105Annuities 118 D)Find the expected value for the number of customers who prefer Whole Life. Round your answer to two decimal places. E)Find the expected value for the number of customers who prefer Universal Life. Round your answer to two decimal places. F)Find the value of the test statistic. Round your answer to three decimal places. G)Find the degrees of freedom associated with the test statistic for this problem. H) Find the critical value of the test at the 0.01 level of significance. Round your answer to three decimal places. I)Make the decision to reject or fail to reject the null hypothesis at the 0.01 level of significance. J)State the conclusion of the hypothesis test at the 0.01 level of significance.
Contingency Table
A contingency table can be defined as the visual representation of the relationship between two or more categorical variables that can be evaluated and registered. It is a categorical version of the scatterplot, which is used to investigate the linear relationship between two variables. A contingency table is indeed a type of frequency distribution table that displays two variables at the same time.
Binomial Distribution
Binomial is an algebraic expression of the sum or the difference of two terms. Before knowing about binomial distribution, we must know about the binomial theorem.
A manager for an insurance company believes that customers have the following preferences for life insurance products: 30% prefer Whole Life, 30% prefer Universal Life, and 40% prefer Life Annuities. The results of a survey of 333 customers were tabulated. Is it possible to refute the sales manager's claimed proportions of customers who prefer each product using the data?
Product Number
Whole 110
Universal 105
Annuities 118
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