Constructing the confidence interval estimate

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Reference no: EM13103731

In NY State, 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 in which the policy pages are generated and sent to bank for delivery. The ability to deliver approved policies to customers in a timely manner is critical to the profitability of this service to the bank. During a period of none month, a random sample of 27 approved policies was selected, and the total processing time, in days, was as shown below:

73 19 16 64 28 31
90 60 56 31 56 22
18 45 48 17 17 17
91 92 63 50 51 69
16 17 28

a. Construct a 95% confidence interval estimate for the population mean processing time.

b. What assumption must you make about the population distribution in order to construct the confidence interval estimate in (a)?

Reference no: EM13103731

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