49. A recent consumer report gives the following information about the annual premiums, in dollars, for 16 renewable life insurance policies with similar benefits: 300 345 328 426 663 388 410 563 360 395 278 455 577 470 455 373 Let µ denote the true mean annual premium of all such insurance policies. a. If it is desired to find a confidence interval for µ, what function in your calculator is appropriate for this problem? 1nterval SamdL mlan b. Give a point estimate for µ. 4 4.1250 c. Find a 95% confidence interval for the true mean annual premiums for such life insurance policies. 95% Lonfidence in terval will be 1419.23,429.021 d. What is the margin of error of the confidence interval in part c? e. Interpret the meanings of the confidence interval in part c.

49. A recent consumer report gives the following information about the annual premiums, in dollars, for 16 renewable life insurance policies with similar benefits: 300 345 328 426 663 388 410 563 360 395 278 455 577 470 455 373 Let µ denote the true mean annual premium of all such insurance policies. a. If it is desired to find a confidence interval for µ, what function in your calculator is appropriate for this problem? 1nterval SamdL mlan b. Give a point estimate for µ. 4 4.1250 c. Find a 95% confidence interval for the true mean annual premiums for such life insurance policies. 95% Lonfidence in terval will be 1419.23,429.021 d. What is the margin of error of the confidence interval in part c? e. Interpret the meanings of the confidence interval in part c.

MATLAB: An Introduction with Applications

6th Edition

ISBN:9781119256830

Author:Amos Gilat

Publisher:Amos Gilat

Chapter1: Starting With Matlab

Section: Chapter Questions

Problem 1P

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Concept explainers

Estimation

A new framework of data analysis where the new statistical methods are used for interpreting the results and analyzing the data is known as estimation in statistics.

Question

49. A recent consumer report gives the following information about the annual premiums, in
dollars, for 16 renewable life insurance policies with similar benefits:
300 345 328
426
663 388
410 563
360
395 278 455
577 470 455 373
Let µ denote the true mean annual premium of all such insurance policies.
a. If it is desired to find a confidence interval for µ, what function in your calculator is
appropriate for this problem? 1nterval
SamdL mlan
b. Give a point estimate for µ. 4 4.1250
c. Find a 95% confidence interval for the true mean annual premiums for such life insurance
policies. 95% Lonfidence in terval will be 1419.23,429.021
d. What is the margin of error of the confidence interval in part c?
e. Interpret the meanings of the confidence interval in part c.

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