Question
Mary's manager Dr. Stephan Simson, who has degrees and publications in both mathematical statistics and medical science, asked her to find estimates of the average
Mary's manager Dr. Stephan Simson, who has degrees and publications in both mathematical statistics and medical science, asked her to find estimates of the average service claim reimbursement for 2019. As Bounty Club has many thousands of clients it is virtually impossible to calculate the population mean. Using the Excel Random Number Generator function, Mary found a random sample of 50 services claims submitted to Bounty Club. The amounts covered by insurance you can see in the Data given. Please help Mary to construct 90%, 95%, and 99% confidence intervals for the true average reimbursement. Make sure that t-distribution is applicable: build a histogram with the bin values, for example, $100, $200, $300, $400, and $500, and check whether it is approximately symmetric and bell-shaped. Then, use Descriptive Statistics function from Data Analysis. Constructing confidence intervals, please round values to two decimal places.
Service Claim Number Amount Covered
1 $192.75
2 $192.75
3 $350.25
4 $200.00
5 $225.00
6 $95.00
7 $375.50
8 $380.00 9 $192.75 10 $400.00 11 $230.00 12 $245.00 13 $150.00 14 $250.00 15 $250.00 16 $340.00 17 $225.50 18 $156.25 19 $300.00 20 $350.00 21 $435.00 22 $192.75 23 $192.75 24 $250.00 25 $225.00 26 $230.00 27 $245.00 28 $250.00 29 $250.00 30 $250.00 31 $350.00 32 $98.00 33 $405.00 34 $295.00 35 $205.00 36 $230.00 37 $245.00 38 $750.00 39 $250.00 40 $250.00 41 $340.00 42 $225.50 43 $192.75 44 $192.75 45 $250.00 46 $225.00 47 $350.00 48 $250.00 49 $250.00 50 $340.00
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