The president of the American Insurance Institute wants to compare the yearly costs of auto insurance offered by two leading companies. He selects a sample of 15 families, some with only a single insured driver, others with several teenage drivers, and pays each family a stipend to contact the two companies and ask for a price quote. To make the data comparable, certain features, such as the amount deductible and limits of liability, are standardized. The sample information is reported below.
At the .10 significance level, can we conclude that there is a difference in the amounts quoted? Hint: For the calculations, assume the Progressive Car insurance as the first sample.
Family
Becker-- Insurance A: 2,090 Insurance B: 1,610
Berry-- Insurance A: 1,683 Insurance B:1,274
Cobb-- Insurance A:1,402 Insurance B: 2,327
Debuck--- Insurance A:1,830 Insurance B: 1,367
DuBrul Insurance A: 930 Insurance B:1,461
Eckroate ---Insurance A: 697 Insurance B: 1,789
GermaNInsurance A:1,741 Insurance B: 1,621
Glasson ---Insurance A:1,129 Insurance B: 1,914
King Insurance A:1,018 Insurance B: 1,956
Kucic-- -Insurance A:1,881 Insurance B: 1,772
MeredithInsurance A:1,571 Insurance B: 1,375
Obeid-- -Insurance A: 874 Insurance B: 1,527
Price Insurance A:1,579 Insurance B: 1,767
Phillips--- Insurance A:1,577 Insurance B: 1,636
Tresize--- Insurance A: 860 Insurance B: 1,188
A) Reject H0 if t < or t > . (Negative amount should be indicated by a minus sign. Round your answer to 3 decimal places.)
B)The test statistic is . (Negative amount should be indicated by a minus sign. Round your answer to 2 decimal places.)
C) DECISION: REJECT OR DO NOT REJECT??
*PLEASE SHOW WORK, AS THIS WILL BE SERVING AS A STUDY AID...AND I CANNOT STUDY AN ANSWER ALONE. THANKS!
Answers: 2
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