Insurance Company A claims that its customers pay less for car insurance, on average, than customers of its competitor, Company B. You wonder if this is true, so youdecide to compare the average monthly costs of similar insurance policies from the two companies. For a random sample of 15 people who buy insurance from CompanyA, the mean cost is $150 per month with a standard deviation of $14. For 6 randomly selected customers of Company B, you find that they pay a mean of $157 permonth with a standard deviation of $11. Assume that both populations are approximately normal and that the population variances are equal to test Company A's claimat the 0.05 level of significance. Let customers of Company A be Population 1 and let customers of Company B be Population 2.Step 3 of 3: Draw a conclusion and interpret the decision.

n1=15,x1¯=150,s1=14n2=6,x2¯=157,s2=11

Answered: Insurance Company A claims that its…

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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