Thanks in advance... The president of the American Insurance Institute wants to compare the yearly costs of auto insurance offered by two leadingcompanies. He selects a sample of 15 families, some with only a single insured driver, others with several teenage drivers, and payseach family a stipend to contact the two companies and ask for a price quote. To make the data comparable, certain features, such asthe deductible amount and limits of liability, are standardized. The data for the sample of families and their two insurance quotes arereported in the table.Midstates CarGecko MutualFamilyBeckerInsuranceInsurance$1,6101,2472,3271,3671,461$2,090BerryCobb1,6831,4021,830DebuckDuBrul930Eckroate1,7891,6211,9141,9561,7721,3751,5271,7671,6361,188697German1,741Glasson1,1291,0181,8811,571KingKucicMeredithObeid874PricePhillipsTresize1,5791,577860E Click here for the Excel Data FileAt the 10 significance level, can we conclude that there is a difference in the amounts quoted?a. What are the null and alternate hypotheses?O Ho: Hd=0 H:O Ho: Ha#0 Hhi Hd=0O Ho: Hd= 0 H: Hd=0b. Compute the test statistic. (Negative amounts should be indicated by a minus sign. Round your answer to 3 decimal places.)Test statistic b. Compute the test statistic. (Negative amounts should be indicated by a minus sign. Round your answer to 3 decimal places.)Test statisticc. Compute the p-value. NOTE: P-value calculators are available through online search. (Round your answer to 4 decimal places.)p-valued. What is your decision regarding the null hypothesis?O Reject HeO Do not reject Hge. Interpret the result.There isEin the mean insurance price.differenceno difference

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Description: Thanks in advance... The president of the American Insurance Institute wants to compare the yearly costs of auto insurance offered by two leadingcompanies. He selects a sample of 15 families, some with only a single insured driver, others with severa

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Statistics

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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 9SGR

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The president of the American Insurance Institute wants to compare the yearly costs of auto insurance offered by two leading companies. He selects a sample of 15 families, some with only a single insured driver, others with several teenage drivers, and pays each family a stipend to contact the two companies and ask for a price quote. To make the data comparable, certain features, such as the deductible amount and limits of liability, are standardized. The data for the sample of families and their two insurance quotes are reported below. At the 0.10 significance level, can we conclude that there is a difference in the amounts quoted? Hint: For the calculations, assume the "Midstates Car Insurance" as the first sample. Midstates Car Gecko Mutual Family Insurance Insurance Becker $ 2,090 $ 1,610 Berry 1,683 1,247 Cobb 1,402 2,327 Debuck 1,830 1,367 DuBrul 930 1,461 Eckroate 697 1,789 German 1,741…
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