What is the mean processing time?
Savings banks are permitted to sell a form of life insurance called savings bank life insurance (SBLI). The approval process consists of underwriting, which includes a review of the application, a medical information bureau check, possible requests for additional medical information and medical exams, and a policy compilation stage during which the policy pages are generated and sent to the bank for delivery. The ability to deliver approved policies to bank customers in a timely manner is critical to the profitability of this service to the bank. During a period of one month, a random sample of 27 approved policies was selected, and the following total processing times in days, were recorded;
| 73 | 19 | 16 | 64 | 28 | 28 | 31 | 90 | 60 |
| 56 | 31 | 56 | 22 | 18 | 45 | 48 | 17 | 17 |
| 17 | 91 | 92 | 63 | 52 | 51 | 69 | 16 | 17 |
What is the mean processing time?
a.) 43.89
b.) 48.39
c.) 48.93
d.) 43.98
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