-
+1 - 312-224-1615
Get in touch with us
-
support@helpwithassignment.com
Send us an e-mail
Solution Library
Estimation of True Mean with 98 Percent Confidence
Question
Insurance companies track life expectancy information to assist in determining the cost of life insurance policies. Last year the average life expectancy of all policy holders that were paid out was 77 years. ABI Insurance wants to determine of their clients now have a longer life expectancy on average, so they randomly sample 101 of their recently paid policies. The insurance company will only change their premium structure if there is evidence that people who buy their policies are living longer than before. The sample has a mean of 78.6 years and a standard deviation of 4.48 years. Use a 1% significance level to answer the following.
- Construct a 95% confidence interval for what the true mean life expectancy is located. Round your final answer to the nearest 0.1 years.
- If the company wants to estimate the true mean to within 1 year with 98% confidence, what sample size should they take? Round your answer to the nearest person. Was their original sample of 101 sufficient to meet their desired margin of error?
Summary
This question belongs to statistics and discusses about insurance companies tracking life expectancy information to assist in determining the cost of life insurance policies.
Word count: NA
Download Full Solution
WHAT OUR STUDENTS SAY
From the third semester of my computer science and engineering course I needed help with my programming homework. HwA came very handy at that point of time because they carefully understood the requirements and helped me get a good score.
Kevin Redfern Student
I was really struggling with the effect of current and magnetism assignments in undergraduate class when I came across TheReliableTutor and they really have brilliant Physics electricity Online Experts. The experts have worked on my Physics electricity solution and helped me get good grades.
Liam McDevitt Student
I was not sure on how to go ahead with my peripheral vascular diseases when I came across TheReliableTutor’s cardiovascular assignment help section. I never knew that any website had such specialized department and I was extremely thrilled. The cardiovascular nursing care experts here are very wise and provided adequate solution to the assignment. Later on also, during my course I had great help from them.
Thirza Toes Student
I chose civil engineering for my graduate studies because I am fascinated with the concepts of municipal and urban engineering. Since it has been my area of interest from high school and I had done some research on the topic I thought the graduate program would be a breeze. But I was soon proved wrong and found myself struggling from the very first semester. At TheReliableTutor my online civil engineering assignment tutor helped walk me through the different concepts and with in-depth quality research that was missing from my work.
Mindy Wong Student
I am extremely satisfied with the Visual C++ programming assignment help that I have received from HwA. The professor was very impressed with the quality of documentation and the grades speak for themselves.
Patrick Cairns Student
Comments
this is a very good website
I have 50 questions for the same test your page is showing only 28
hi can you please help or guide me to answer my assignments. thanks
hi can anyone help or guide me to my assignments. thanks
This solution is perfect ...thanks
Hello Allison,I love the 2nd image that you did! I also, had never heard of SumoPaint, is something that I will have to exolpre a bit! I understand completely the 52 (or so) youtube videos that you probably watched. Sometimes they have what you want, sometimes they don't! However, it is always satisfying when you are able to produce something that you have taught yourself. Great job!Debra 0 likes
Perfect bank of solution.
great !
thanks for the quick response. the solution looks good. :)
thnx for the answer. it was perfect. just the way i wanted it.
works fine.