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Statistical analysis on family dental expenses

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1. Annual family dental expenses for the families of a random sample of ten employees of a company are given below. You can assume the family dental expenses for the employees of the company are normally distributed.
$450, $390, $550, $140, $690, $600, $250, $330, $490, $810

a) Compute the standard deviation of the sample.

b) Determine the point estimate and 95% confidence interval for the mean family dental expenses of all employees of the company.

2. Government's job approval rating hit a historic low Wednesday, reaching into the mid to low teens according to the latest Gallup poll findings.

a) What is the point estimate of the Government's job approval rating in July 2008?

b) Given that the sample size for the opinion poll was 1106 adults, compute the 95% confidence interval for the population proportion.

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Please show the solutions step by step and word-process formulas using Equation Editor.

1. Annual family dental expenses for the families of a random sample of ten employees of a company are given below. You can assume the family dental expenses for the employees of the company are normally distributed.
$450, $390, $550, $140, $690, $600, $250, $330, $490, $810
Mean $472.222.
a) Compute the standard deviation of the sample.
Standard deviation
= 203.020

b) Determine the point ...

Solution Summary

The solution provides statistical analysis on family dental expenses.

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Qualitative Analysis: Confidence Intervals

Annual family dental expenses for the families of a random sample of ten employees of a company are given below. You can assume the family dental expenses for the employees of the company are normally distributed.
$450, $390, $550, $140, $690, $600, $250, $330, $490, $810

a) Compute the mean and standard deviation of the sample.
b) Determine the point estimate and 95% confidence interval for the mean family dental expenses of all employees of the company.
c) Interpret the confidence interval.
d) How would you communicate this information to the Vice-President of Human Resources in non-statistical language.
e) How could this information be used in negotiations with the dental insurer of the company in setting the premiums for the next year.

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