Homework Help is Here – Start Your Trial Now!
Math
Statistics
A health insurance company is looking at the use of its benefits by its members. It randomly selects 500 members for further study, and one of the pieces of information they collect is the amount the amount of money spent on prescription medications over the past year. The average amount among the 500 members is $600 and the SD is $1,000. A histogram of the amounts is quite skewed to the right, and 40 (8%) of the sampled members have spent $5000 or more on prescription medications in the past year. Calculate a 95%-confidence interval for the per

A health insurance company is looking at the use of its benefits by its members. It randomly selects 500 members for further study, and one of the pieces of information they collect is the amount the amount of money spent on prescription medications over the past year. The average amount among the 500 members is $600 and the SD is $1,000. A histogram of the amounts is quite skewed to the right, and 40 (8%) of the sampled members have spent $5000 or more on prescription medications in the past year. Calculate a 95%-confidence interval for the per

MATLAB: An Introduction with Applications
MATLAB: An Introduction with Applications
6th Edition
ISBN:9781119256830
Author:Amos Gilat
Publisher:Amos Gilat
Chapter1: Starting With Matlab
Section: Chapter Questions
Problem 1P
See similar textbooks
icon
Related questions
Question

A health insurance company is looking at the use of its benefits by its members. It randomly selects 500 members for further study, and one of the pieces of information they collect is the amount the amount of money spent on prescription medications over the past year. The average amount among the 500 members is $600 and the SD is $1,000. A histogram of the amounts is quite skewed to the right, and 40 (8%) of the sampled members have spent $5000 or more on prescription medications in the past year.

Calculate a 95%-confidence interval for the percentage of all members who have spent $5000 or more on prescription medications in the last year.

Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 2 steps

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Similar questions
Recommended textbooks for you
MATLAB: An Introduction with Applications
MATLAB: An Introduction with Applications
Statistics
ISBN:
9781119256830
Author:
Amos Gilat
Publisher:
John Wiley & Sons Inc
Probability and Statistics for Engineering and th…
Probability and Statistics for Engineering and th…
Statistics
ISBN:
9781305251809
Author:
Jay L. Devore
Publisher:
Cengage Learning
Statistics for The Behavioral Sciences (MindTap C…
Statistics for The Behavioral Sciences (MindTap C…
Statistics
ISBN:
9781305504912
Author:
Frederick J Gravetter, Larry B. Wallnau
Publisher:
Cengage Learning
Elementary Statistics: Picturing the World (7th E…
Elementary Statistics: Picturing the World (7th E…
Statistics
ISBN:
9780134683416
Author:
Ron Larson, Betsy Farber
Publisher:
PEARSON
The Basic Practice of Statistics
The Basic Practice of Statistics
Statistics
ISBN:
9781319042578
Author:
David S. Moore, William I. Notz, Michael A. Fligner
Publisher:
W. H. Freeman
Introduction to the Practice of Statistics
Introduction to the Practice of Statistics
Statistics
ISBN:
9781319013387
Author:
David S. Moore, George P. McCabe, Bruce A. Craig
Publisher:
W. H. Freeman
SEE MORE TEXTBOOKS