Answered: A new actuarial test (Test A) was…

Name: A new actuarial test (Test A) was developed as a possible replacement
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Description: A new actuarial test (Test A) was developed as a possible replacement for an old actuarial test (Test B). An actuary claimed that the mean time to complete the new test A was more than the mean time to complete an old test B. The summary data for com

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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A new actuarial test (Test A) was developed as a possible replacement for an old actuarial test (Test B). An actuary claimed that the mean time to complete the new test A was more than the mean time to complete an old test B. The summary data for completion time (in minutes) are as follows.

Test A : n=9, X bar=160 minutes, S2=180 minutes

Test B : n=10 X bar=150 minutes, S2=30 minutes

At α=10%, use the Classical approach to test the actuary’s claim.

Using P-value approach to conclude it.

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