The McFarland Insurance Company Claims Department reports the mean cost to process a claim is $60. An industry comparison showed this amount to be larger than most other insurance companies, so the company instituted cost-cutting measures. To evaluate the effect of the cost-cutting measures, the Supervisor of the Claims Department selected a random sample of 26 claims processed last month and recorded the cost to process each claim. The sample information is reported below in dollars ($). 45 49 62 40 43 61 48 53 67 63 78 64 48 54 51 56 63 69 58 51 58 59 56 57 38 76 Using a 0.05 significance level, is it reasonable to conclude that $60 is the mean cost to process a claim?
The McFarland Insurance Company Claims Department reports the mean cost to process a claim is $60. An industry comparison showed this amount to be larger than most other insurance companies, so the company instituted cost-cutting measures. To evaluate the effect of the cost-cutting measures, the Supervisor of the Claims Department selected a random sample of 26 claims processed last month and recorded the cost to process each claim. The sample information is reported below in dollars ($). 45 49 62 40 43 61 48 53 67 63 78 64 48 54 51 56 63 69 58 51 58 59 56 57 38 76 Using a 0.05 significance level, is it reasonable to conclude that $60 is the mean cost to process a claim?
Holt Mcdougal Larson Pre-algebra: Student Edition 2012
1st Edition
ISBN:9780547587776
Author:HOLT MCDOUGAL
Publisher:HOLT MCDOUGAL
Chapter11: Data Analysis And Probability
Section11.4: Collecting Data
Problem 6E
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