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Savings Bank Life Insurance: mean, median, range, variance, deviation

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26. In New York State, savings banks 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, a medical information bureau check, possible requests for additional medical information and medical exams, and a policy compilation stage where the policy pages are generated and sent to the bank for delivery. The ability to deliver approved policies to customers in a timely manner is critical to the profitability of this service to the bank. During a period of 1 month, a random sample of 27 approved policies was selected and the total processing time in days was recorded with the following results:
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) Compute the
1. arithmetic mean
2. median
3. range
4. interquartile range
5. variance
6. standard deviation
(b) Are the data skewed? If so, how?
(c) If a customer enters the bank to purchase this type of insurance policy and asks how long the approval process takes, what would you tell him?

Please complete in excel when needed.

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