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3. Based on earlier research it was generally accepten by the management of an insurance company that the average claim amount submitted to the company
3. Based on earlier research it was generally accepten by the management of an insurance company that the average claim amount submitted to the company is $25,100. However, a new manager claims that this figure is too high. To test the claim, the company selects a random sample of 100 claims, and finds that their mean lifetime is 24,521 dollars and the standard deviation is 2,631.8 dollars. They set up the two hypotheses as Ho : / = 25, 100 versus Ha : /
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