Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Click to see the whole question, The Quickpay insurance company interviewed a random sample of 450 college students to find out the type of life

Click to see the whole question,

image text in transcribedimage text in transcribed
The Quickpay insurance company interviewed a random sample of 450 college students to find out the type of life insurance preferred. The results follow: Insurance Preference Gender Whole Life Term Life Female 78 155 Male 116 101 a) Is there evidence that life insurance preference of male students and the life insurance preference of female students are dependent. Use a 2.5% level of significance. b) The Quickpay insurance company wanted to know whether the female students in college preferred a whole life insurance. They surveyed 233 college female students and asked about the preference of insurance. After tallying the responses, they found out that 140 chose the whole life insurance. Estimate with 99% confidence the proportion of all females who chose to prefer a whole life insurance. c) This part has no link to part a) to b). When the problem objective is to describe a population of nominal data with exactly two categories, which test(s) could be used to properly analyze the data?(Ensure all work is shown) A survey conducted by a research team was set to investigate how years of education, tenure in current employment, and age, are related to annual income. A sample of 20 employees is selected and the Excel Regression output is provided: SUMMARY OUTPUT Regression Statistics Multiple R 0.949819857 R Square 0.90215776 Adjusted R Square 0.88381234 Standard Error 17275.00469 Observations 20 ANOVA df SS MS F Regression 3 ???? 146754416.7 ???? Residual 16 47748125 ???? Total 19 48801 1375 Coefficients Standard Error t Stat Intercept 74215.79876 21589.39824 -3.437603862 Education (No. of years) 4364.741946 1542.536912 2.82958671 Length of tenure (No. of years) 6571.9131 1154.555085 5.692160718 Age (No. of years) 916.4669052 728.6505348 1.257759188 a) Write the population regression line. b) Test the validity of the model at 97.5%. c) Is there enough evidence to infer that if Length of tenure decreases, annual income also decreases? Test at the 99% confidence level. d) Estimate the Annual Income for a person with 15 years of education and who is 30 years of age. The length of tenure for the person is unavailable

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Advanced Engineering Mathematics

Authors: ERWIN KREYSZIG

9th Edition

0471488852, 978-0471488859

More Books

Students also viewed these Mathematics questions

Question

=+. a union worker in the second year of a labor contract

Answered: 1 week ago