Hurricane Andrew swept through southern Florida causing billions of dollars of damage. Because of the severity of the storm and the type of residential construction used in this semitropical area, there was some concern that the average claim size would be greater than the historical average hurricane claim of $23,000$23,000. Several insurance companies collaborated in a data gathering experiment. They randomly selected 2222 homes and sent adjusters to settle the claims. In the sample of 2222 homes, the average claim was $24,500$24,500 with a population standard deviation of $4100$4100. Is there sufficient evidence at a 0.010.01 significance level to support the claim that the home damage is greater than the historical average? Assume the population of insurance claims is approximately normally distributed. Compute the value of the test statistic. Round your answer to two decimal places.
Hurricane Andrew swept through southern Florida causing billions of dollars of damage. Because of the severity of the storm and the type of residential construction used in this semitropical area, there was some concern that the average claim size would be greater than the historical average hurricane claim of $23,000$23,000. Several insurance companies collaborated in a data gathering experiment. They randomly selected 2222 homes and sent adjusters to settle the claims. In the sample of 2222 homes, the average claim was $24,500$24,500 with a population standard deviation of $4100$4100. Is there sufficient evidence at a 0.010.01 significance level to support the claim that the home damage is greater than the historical average? Assume the population of insurance claims is approximately
Compute the value of the test statistic. Round your answer to two decimal places.
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