Construct a 95% confidence interval estimate
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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
Using the file attached,
A. Construct a 95% confidence interval estimate for the population mean processing time.
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