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?

PREALGEBRA

15th Edition

ISBN:9781938168994

Author:OpenStax

Publisher:OpenStax

Chapter5: Decimals

Section5.5: Averages And Probability

Problem 400E: The cash register receipts each day last week at a coffee shop were $1,845. $1,520. $1,438, $1,682,...

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