An insurance company reported that, on average, claims for a certain medical procedure are $942. An independent organization constructed a 95% confidence interval of ($930 , $950) for the average amount claimed for the particular medical procedure. What conclusion best evaluates the truthfulness of the number reported by the insurance company? a) With 95% certainty, the average claim for this medical procedure is $942. b) With 95% certainty, the average claim for this medical procedure is not $942. c) The confidence interval is consistent with an average claim of $942 for this medical procedure. d) With 100% certainty, the average claim for this medical procedure is $942
An insurance company reported that, on average, claims for a certain medical procedure are $942. An independent organization constructed a 95% confidence interval of ($930 , $950) for the average amount claimed for the particular medical procedure. What conclusion best evaluates the truthfulness of the number reported by the insurance company? a) With 95% certainty, the average claim for this medical procedure is $942. b) With 95% certainty, the average claim for this medical procedure is not $942. c) The confidence interval is consistent with an average claim of $942 for this medical procedure. d) With 100% certainty, the average claim for this medical procedure is $942
MATLAB: An Introduction with Applications
6th Edition
ISBN:9781119256830
Author:Amos Gilat
Publisher:Amos Gilat
Chapter1: Starting With Matlab
Section: Chapter Questions
Problem 1P
Related questions
Question
An insurance company reported that, on average, claims for a certain medical procedure are $942. An independent organization constructed a 95% confidence interval of ($930 , $950) for the average amount claimed for the particular medical procedure. What conclusion best evaluates the truthfulness of the number reported by the insurance company?
a) With 95% certainty, the average claim for this medical procedure is $942.
b) With 95% certainty, the average claim for this medical procedure is not $942.
c) The confidence interval is consistent with an average claim of $942 for this medical procedure.
d) With 100% certainty, the average claim for this medical procedure is $942
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, statistics and related others by exploring similar questions and additional content below.Recommended textbooks for you
MATLAB: An Introduction with Applications
Statistics
ISBN:
9781119256830
Author:
Amos Gilat
Publisher:
John Wiley & Sons Inc
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
ISBN:
9781305504912
Author:
Frederick J Gravetter, Larry B. Wallnau
Publisher:
Cengage Learning
MATLAB: An Introduction with Applications
Statistics
ISBN:
9781119256830
Author:
Amos Gilat
Publisher:
John Wiley & Sons Inc
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
ISBN:
9781305504912
Author:
Frederick J Gravetter, Larry B. Wallnau
Publisher:
Cengage Learning
Elementary Statistics: Picturing the World (7th E…
Statistics
ISBN:
9780134683416
Author:
Ron Larson, Betsy Farber
Publisher:
PEARSON
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
Statistics
ISBN:
9781319013387
Author:
David S. Moore, George P. McCabe, Bruce A. Craig
Publisher:
W. H. Freeman