Show transcribed image text The difference between the mean costs of automobile insurance for a similar vehicle and driver with two different companies is being studied. The following means resulted from 100 randomly chosen policies from each of the two companies. The mean of the sample from Company One was 560 and the mean of the sample from Company Two was 575. Assume the standard deviation of the population of insurance costs with Company One is 30 and the standard deviation of the population of insurance costs with Company Two is 40. Use this information to answer the following questions 6. What value must the test statistic be more extreme than in order to reject the null hypothesis at the 5% significance level? 7, What is the p-value in this case? Hint: The P-value is the tail areas associated with the test statistic
The difference between the mean costs of automobile insurance for a similar vehicle and driver with two different companies is being studied. The following means resulted from 100 randomly chosen policies from each of the two companies. The mean of the sample from Company One was 560 and the mean of the sample from Company Two was 575. Assume the standard deviation of the population of insurance costs with Company One is 30 and the standard deviation of the population of insurance costs with Company Two is 40. Use this information to answer the following questions 6. What value must the test statistic be more extreme than in order to reject the null hypothesis at the 5% significance level? 7, What is the p-value in this case? Hint: The P-value is the tail areas associated with the test statistic
