Annual family dental expenses for the families

Reference no: EM13251637

Annual family dental expenses for the families of a random sample of ten employees of a company are given below. You can assume the family dental expenses for the employees of the company are normally distributed.

$450, $390, $550, $140, $690, $600, $250, $410, $490, $710

a) Compute the mean and standard deviation of the sample.

b) Determine the point estimate for the mean family dental expenses of all employees of the company.

c) Determine the 95% confidence interval for the mean family dental expenses of all employeesIof the company.

d) Interpret the confidence interval. How can this information be used in negotiating premiums with the insurance company?

Reference no: EM13251637

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