Question

Anystate Auto Insurance Company took a random sample of 370 insurance claims paid out during a 1-year period. The average claim paid was $1580. Assume σ = $250.

Find a 0.90 confidence interval for the mean claim payment. (Round your answers to two decimal places.)

lower limit	$
upper limit	$

Find a 0.99 confidence interval for the mean claim payment. (Round your answers to two decimal places.)

lower limit	$
upper limit	$

Answer 1

Solution:

Given sample of 370

average = 1580

σ = $250.

b)