Confidence interval for Mean: Savings Bank Life Insurance
Not what you're looking for?
In New York State, savings bank are permitted to sell a form of life insurance called savings bank life insurance (SBLI). The approval process consists of underwriting, which includes a review of the application, medical information bureau check, possible request for additional medical information and medical exams, and a policy compilation stage in which the policy pages are generated and sent to the bank for delivery. The ability to deliver apporved policies to customers in a timely manner is critical to the profitability of this service to the bank. During the period of one month a random sample of 27 approved policies was selected and the total processing time in days was as shown below and stored in insurance:
73 19 16 64 28 28 31 90 60 56 31 56 22 18
45 48 17 17 17 91 92 63 50 51 69 16 17
A. Construct a 95% confidence interval estimate for the population mean processing time.
Show the work
Purchase this Solution
Solution Summary
The solution provides step by step method for the calculation of confidence interval for mean. Formula for the calculation and interpretations of the results are also included. An interactive excel sheet is included. The user can edit the inputs and obtain the complete results for a new set of data.
Purchase this Solution
Free BrainMass Quizzes
Terms and Definitions for Statistics
This quiz covers basic terms and definitions of statistics.
Measures of Central Tendency
Tests knowledge of the three main measures of central tendency, including some simple calculation questions.
Measures of Central Tendency
This quiz evaluates the students understanding of the measures of central tendency seen in statistics. This quiz is specifically designed to incorporate the measures of central tendency as they relate to psychological research.
Know Your Statistical Concepts
Each question is a choice-summary multiple choice question that presents you with a statistical concept and then 4 numbered statements. You must decide which (if any) of the numbered statements is/are true as they relate to the statistical concept.