Automobile collision insurance is used to pay for any claims made against the driver in the event of an accident. This type of insurance will typically pay to repair any assets that your vehicle damages. Q1: A random sample of 40 collision claims of 30- to 59-year-old drivers results in a mean claim of $3635 with a standard deviation of $2051. An independent random sample of 40 collision claims of 20- to 24-year-old drivers results in a mean claim of $4536 with a standard deviation of $2273. Using the concept of hypothesis testing, determine if a higher insurance premium should be paid by 20- to 24-year-old drivers. Use a α=0.10 level of significance. State the appropriate conclusion. The given situation is about a mean comma mu .mean, μ. Let population 1 be all collision claims of 30- to 59-year-old drivers and let population 2 be all collision claims of 20- to 24-year-old drivers. Write the hypotheses for the test. H0: mu 1 equals mu 2μ1=μ2 H1: mu 1 less than mu 2μ1<μ2 Calculate the test statistic. t= (Round to two decimal places as needed.) Identify the critical region. Select the correct choice below and fill in all answer boxes within your choice. (Type an integer or decimal rounded to two decimal places as needed.) A. test statistic< or test statistic> B. test statistic> C. test statistic<
Please put actual answers in bold! Thanks!
Automobile collision insurance is used to pay for any claims made against the driver in the
Q1: A random sample of 40 collision claims of 30- to 59-year-old drivers results in a mean claim of $3635 with a standard deviation of $2051. An independent random sample of 40 collision claims of 20- to 24-year-old drivers results in a mean claim of $4536 with a standard deviation of $2273. Using the concept of hypothesis testing, determine if a higher insurance premium should be paid by 20- to 24-year-old drivers. Use a α=0.10 level of significance. State the appropriate conclusion.
The given situation is about a
mean comma mu .mean, μ.
Let population 1 be all collision claims of 30- to 59-year-old drivers and let population 2 be all collision claims of 20- to 24-year-old drivers. Write the hypotheses for the test.
H0:
mu 1 equals mu 2μ1=μ2
H1:
mu 1 less than mu 2μ1<μ2
Calculate the test statistic.
t=
(Round to two decimal places as needed.)
Identify the critical region. Select the correct choice below and fill in all answer boxes within your choice.
(Type an integer or decimal rounded to two decimal places as needed.)
A.
test statistic<
or test statistic>
B.
test statistic>
C.
test statistic<
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