Statistics on an insurance survey
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Assume that an insurance survey is based on 1000 randomly selected United Kingdom housholds and that 640 of these housholeds spent money to buy life insurance in 1993.
a) If p denotes the proportion of all U.K housholds that spent money to buy life insurance in 1993, set up the null and alternative hypotheses needed to attempt to justify the claim that more than 60 percent of U.K. housholds spent money to but life insurance in 1993.
b) Test the hypotheses you set up in part a by setting alpha= 0.10 , 0.05, 0.01, and 0.001. How much evidence is there that more than 60 percent of U.K. households spent money to buy life insurance in 1993?
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Solution Summary
This solution shows how to conduct hypothesis testing on the data collected from an insurance survey.
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