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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 -


    CI99 = mean ± (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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