Mathematics, 17.04.2020 18:05 erenackermanlevijaeg

The mean annual premium for automobile insurance in the United States is $1503 (Insure. com website, March 6, 2014). Being from Pennsylvania, you believe automobile insurance is cheaper there and wish to develop statistical support for your opinion. A sample of 25 automobile insurance policies from the state of Pennsylvania showed a mean annual premium of $1440 with a standard deviation of s = $165.

If required, enter negative values as negative numbers.

a. Develop a hypothesis test that can be used to determine whether the mean annual premium in Pennsylvania is lower than the national mean annual premium.

H0: μ - Select your answer -greater than 1503greater than or equal to 1503equal to 1503less than or equal to 1503less than 1503not equal to 1503Item 1
Ha: μ - Select your answer -greater than 1503greater than or equal to 1503equal to 1503less than or equal to 1503less than 1503not equal to 1503Item 2

b. What is a point estimate of the difference between the mean annual premium in Pennsylvania and the national mean (to the nearest dollar)?
$

c. At α = .05, test for a significant difference by completing the following.

Calculate the value of the test statistic (to 2 decimals).

The p-value is - Select your answer -less than .005between .005 and .01between .01 and .025between .025 and .05between .05 and .10between .10 and .20greater than .20Item 5

What is your conclusion?
- Select your answer -The population mean automobile premium is higher in Pennsylvania than the national mean. The population mean automobile premium is lower in Pennsylvania than the national mean.

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The mean annual premium for automobile insurance in the United States is $1503 (Insure. com website,...