Question
Families USA , a monthly magazine that discusses issues related to health and health costs, surveyed 18 of its subscribers. It found that the annual
Families USA, a monthly magazine that discusses issues related to health and health costs, surveyed 18 of its subscribers. It found that the annual health insurance premiums for a family with coverage through an employer averaged $10,350. The standard deviation of the sample was $1,025. (Uset Distribution Table.)
a. Based on this sample information, develop a 99% confidence interval for the population mean yearly premium. (Round your answers to the nearest whole dollar amount.)
b. How large a sample is needed to find the population mean within $245 at 99% confidence? (Round up your answer to the next whole number.)
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started