Constructing Confidence Intervals, business and finance assignment help

Anonymous
timer Asked: May 26th, 2017
account_balance_wallet $10

Question Description

The file contains the weight in pounds from a sample of 368 pallets of Boston shingles and 330 pallets of Vermont shingles.

  1. For the Boston shingles, construct a 95% confidence interval for the mean weight.
  2. For the Vermont shingles, construct a 95% confidence interval estimate for the mean weight.
  3. Do you think the assumptions needed to construct the confidence interval estimates in 1 and 2 are valid?
  4. Based on the results of 1 and 2, what conclusions can you reach concerning the mean weight of the Boston and Vermont Shingles?

Refer to the Excel file InsuranceClaims for the assignment below:

The files contains data for 90 randomly selected auto injury claims.

  1. Construct a 95% confidence interval for the population proportion of all auto injury files that have exaggerated loss amounts.
  2. Construct a 95% confidence interval for the population mean dollar excess payment amount.

Tutor Answer

FinAccGuru
School: Boston College

Here is the answer. Thanks

Claim

Buildup

1
2
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10
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25
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27
28
29
30
31
32
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35
36
37
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40
41
42
43
44

1
1
0
0
0
1
1
1
1
1
0
0
1
1
1
1
1
1
1
0
1
0
1
1
1
0
1
1
1
0
0
0
0
1
0
0
0
1
0
1
0
1
0
1

Excess
Payment
3260.34
188.56
0.00
0.00
0.00
73.27
4437.07
228.68
1895.11
115.70
0.00
0.00
376.25
80.00
183.86
116.64
150.00
230.00
1838.67
0.00
15.00
0.00
303.29
96.45
9.76
0.00
109.45
117.79
953.28
0.00
0.00
0.00
0.00
80.00
0.00
0.00
0.00
5677.57
0.00
210.00
0.00
157.50
0.00
1009.16

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73
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80
81
82
83
84
85
86
87
88
89
90

1
1
0
1
1
0
0
0
0
0
1
1
0
1
1
1
1
1
0
0
1
1
1
0
1
1
0
0
1
1
0
0
1
1
0
1
0
1
1
0
0
1
0
0
0
1

15.20
22.00
0.00
228.00
54.00
0.00
0.00
0.00
0.00
0.00
60.00
96.00
0.00
363.23
215.72
181.60
62.40
251.50
0.00
0.00
259.48
142.30
1004.58
0.00
50.00
130.34
0.00
0.00
363.20
12.80
0.00
0.00
11.20
379.20
0.00
434.46
0.00
29.70
1682.40
0.00
0.00
417.10
0.00
0.00
0.00
352.55

Claim

Buildup

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14
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16
17
18
19
20
21
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24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44

1
1
0
0
0
1
1
1
1
1
0
0
1
1
1
1
1
1
1
0
1
0
1
1
1
0
1
1
1
0
0
0
0
1
0
0
0
1
0
1
0
1
0
1

Excess
Payment
3260.34
188.56
0.00
0.00
0.00
73.27
4437.07
228.68
1895.11
115.70
0.00
0.00
376.25
80.00
183.86
116.64
150.00
230.00
1838.67
0.00
15.00
0.00
303.29
96.45
9.76
0.00
109.45
117.79
953.28
0.00
0.00
0.00
0.00
80.00
0.00
0.00
0.00
5677.57
0.00
210.00
0.00
157.50
0.00
1009.16

Number of Loss
Proportion of Loss, p
Total Number of Observation, n
Z Value at 95% Confidence Interval
(1-p)
Margin of Error
Lower Bound of Confidence Interval
Upper Bound of Confidence Interval

The 95% confidence interval for the population proportion of all au
loss amounts is 0.5144 - 0.6189.

45
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70
71
72
73
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81
82
83
84
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86
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89
90

1
1
0
1
1
0
0
0
0
0
1
1
0
1
1
1
1
1
0
0
1
1
1
0
1
1
0
0
1
1
0
0
1
1
0
1
0
1
1
0
0
1
0
0
0
1

15.20
22.00
0.00
228.00
54.00
0.00
0.00
0.00
0.00
0.00
60.00
96.00
0.00
363.23
215.72
181.60
62.40
251.50
0.00
0.00
259.48
142.30
1004.58
0.00
50.00
130.34
0.00
0.00
363.20
12.80
0.00
0.00
11.20
379.20
0.00
434.46
0.00
29.70
1682.40
0.00
0.00
417.10
0.00
0.00
0.00
352.55

51
0.5667
90
1.96
0.4333
0.052234041
0.5144
0.6189

the population proportion of all auto injury files that have exaggerated

Claim

Buildup

1...

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Review

Anonymous
Goes above and beyond expectations !

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