2) Provide a point estimate of the mean annual automobile insurance premium in Michigan (SHOW RESULTS but you may use Ext an der b) Develop a 95% confidence interval for the mean annual automobile insurance premium in Michigan (SHOW' WORK but you may use Excel for key calmulations: c) Does the 95% confidence interval for the annual automobile insurance premium in Michigan include the national average for the US What is your interpretation of the relationship between auto insurance premiums in Michigan and the national average?

Glencoe Algebra 1, Student Edition, 9780079039897, 0079039898, 2018
18th Edition
ISBN:9780079039897
Author:Carter
Publisher:Carter
Chapter10: Statistics
Section10.2: Representing Data
Problem 22PFA
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The average annual premium for automobile insurance in the U.S. is $1,503. The following
annual premiums ($) are representative of the website's findings for the state of Michigan.
$1,905
$2,725
$2,677
$2,600
$2,962
$2,370
$2,545
$2,529
$2,442
$2,312
Assume the population is approximately normal.
$2,184
$2.332
$3,112
$2,545
$2,525
$2.981
$2.627
$2.857
$2.675
$2.115
a) Provide a point estimate of the mean annual automobile insurance premium in
Michigan (SHOW RESULTS, but you may use Excel,
b) Develop a 95% confidence interval for the mean annual automobile insurance
premium in Michigan. (SHOW WORK, but you may use Excel for key calculations;
c) Does the 95% confidence interval for the annual automobile insurance premium in
Michigan include the national average for the U.S.? What is your interpretation of the
relationship between auto insurance premiums in Michigan and the national average?
4
Transcribed Image Text:The average annual premium for automobile insurance in the U.S. is $1,503. The following annual premiums ($) are representative of the website's findings for the state of Michigan. $1,905 $2,725 $2,677 $2,600 $2,962 $2,370 $2,545 $2,529 $2,442 $2,312 Assume the population is approximately normal. $2,184 $2.332 $3,112 $2,545 $2,525 $2.981 $2.627 $2.857 $2.675 $2.115 a) Provide a point estimate of the mean annual automobile insurance premium in Michigan (SHOW RESULTS, but you may use Excel, b) Develop a 95% confidence interval for the mean annual automobile insurance premium in Michigan. (SHOW WORK, but you may use Excel for key calculations; c) Does the 95% confidence interval for the annual automobile insurance premium in Michigan include the national average for the U.S.? What is your interpretation of the relationship between auto insurance premiums in Michigan and the national average? 4
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