Constructing the confidence interval estimate

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

Questions Cloud

Arrivals following an exponential distribution : During a professor's office hours, students arrive, on average, every ten minutes. Assume that the distribution of the time between arrivals follows an exponential distribution. Suppose that a student has just left.

Payoff for game of dice : Two people are playing a game. Only one dice is thrown. If the outcome is a 2 or a 3, then player 1 pays player 2 $6. How much should player 2 pay player 1 when a 1, 4, 5 or 6 is thrown so that player 1 and 2 break even

Probability-federal income tax return : Suppose the probability that a federal income tax return conatins an arithemetic error is 0.2. If 10 federal income tax returns are selected at random,

What are the advantages of utilizing screening tools : What are the advantages of utilizing screening tools to screen applicants? What influence do they have on HR departments?

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

Determining probability and rv : An elevator starts at the basement with 8 people (not including the elevator operator) and discharges them all by the time it reaches the top floor, number 6.

Apprise the irs of the unauthorized tax return : Able Ann Reddy CPA prepared Mr. Smith's tax return last year as well as appropriately signed the preparer's declaration. Several months later Able learned that Mr. Smith improperly altered several figures

Communication takes between managers at the top : As per to Fayol the greater the number of levels in management hierarchy the communication takes between managers at the top

Population-proportion of administrative professionals : Construct a 95% confidence interval estimate for the population proportion of administrative professionals who prefer cash bonuses.

User Account

All Pages