One step tests of hypothesis
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An insurance company, based on past experience, estimates the mean damage for a natural disaster in its area is $5,000. After introducing several plans to prevent loss, it randomly samples 200 policy holders and finds the mean amount per claim was $4,800 with a standard deviation of $1,300, Does it appears the prevention plans were effective in reducing the mean amount of a claim? Use the significance level.
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Solution Summary
The solution examines one step tests for hypothesis The solution determines if the prevention plans were effective in reducing the mean amount of claim.
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Hypothesis:
Null Hypothesis:
H0:µ=5000
Alternative Hypothesis:
H1:µ≠5000
Level of significance α ...
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