Nationwide Mutual Insurance, based in Columbus, Ohio, is one of the largest diversified insurance and financial services
Question:
Nationwide Mutual Insurance, based in Columbus, Ohio, is one of the largest diversified insurance and financial services organizations in the world, with more than $157 billion in assets. Nationwide ranked 108th on the Fortune 100 list in 2008. The company provides a full range of insurance and financial services. In a recent news release Nationwide reported the results of a new survey of 1,097 identity theft victims. The survey shows victims spend an average of 81 hours trying to resolve their cases. If the true average time spent was 81 hours, determine the probability that a test of hypothesis designed to test that the average was less than 85 hours would select the research hypothesis. Use a 0.05 and a standard deviation of 50.
Step by Step Answer:
Business Statistics A Decision Making Approach
ISBN: 9780136121015
8th Edition
Authors: David F. Groebner, Patrick W. Shannon, Phillip C. Fry, Kent D. Smith