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Anystate Auto Insurance Company took a random sample of 358 insurance claims paid out during a...

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Question

Basic Math

Anystate Auto Insurance Company took a random sample of 358insurance claims paid out during a 1-year period. The average claimpaid was $1530. Assume ĂŹĆ’ = $230.

Find a 0.90 confidence interval for the mean claim payment. (Roundyour answers to two decimal places.)

lowerlimit    $
upperlimit    $


Find a 0.99 confidence interval for the mean claim payment. (Roundyour answers to two decimal places.)

lowerlimit    $
upperlimit    $

Answer & Explanation Solved by verified expert
3.6 Ratings (552 Votes)
Solution Given that 1530 230n 358a At 090 confidence level the z is 1 90 1 090 01 2 01 2 005Z2 Z005 1645Margin of error E Z2n 1645 230 358 20At 090 confidence interval estimate of the population meanis E E1530 20 1530 201510 15501510 1550Lower limit 1510Upper limit 1550b At 099 confidence level the z is 1    See Answer
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