Homework Help: statistics

Posted by b on Friday, April 27, 2012 at 1:36pm.

any state auto insurance company took a random sample of 370 insurance claims paid out during a 1-year period. the average claim was $750 with a standard deviation of $150. find .99 confidence interval for the mean claim payment.

statistics - MathGuru, Friday, April 27, 2012 at 7:55pm
Formula:

CI99 = mean ą (z-value)(sd/√n)

mean = 750
sd = 150
n = 370

Find the z-value using a z-table for 99% confidence, then calculate your interval.

I hope this will help get you started.

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