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4. In New York State, savings banks are permitted to sell a form of life insurance called savings bank life insurance (SBLI). The approval process
4. In New York State, savings banks are permitted to sell a form of life insurance called savings bank life insurance (SBLI). The approval process consists of underwriting, which includes a review of the application, a medical information bureau check, possible requests for additional medical information and medical exams, and a policy compilation stage in which the policy pages are generated and sent to the bank for delivery. The ability to deliver approved policies to customers in a timely manner is critical to the profitability of this service. During a period of one month, a random sample of several approved policies is selected, and the total processing time, in days, is recorded: 73, 19, 16, 64, 28, 28, 31, 31, 22, 18, 50 a. In the past, the mean processing time was 45 days. At the 0.05 level of significance, is there evidence that the mean processing time has changed from 45 days
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