The average annual premium for automobile insurance in the US is $1503. The following annual premiums are representative of the website's findings for Michigan state. $1905, $2370, $2184, $2981, $2725, $2545, $2332, $2627, $2677, $2529, $3112, $2857, $2600, $2442, $2545, $2675, $2962, $2312, $2525, $2115 a) Provide a point estimate of the mean automobile insurance premium in Michigan. b) Develop a 95% confidence interval for the mean annual automobile insurance premium in Michigan. c) Does the 95% confidence interval for the annual automobile insurance premium in Michigan include the national average for the US? Interpret the relationship between auto insurance premiums in Michigan and the national average.
The average annual premium for automobile insurance in the US is $1503. The following annual premiums are representative of the website's findings for Michigan state.
$1905, $2370, $2184, $2981, $2725, $2545, $2332, $2627, $2677, $2529, $3112, $2857, $2600, $2442, $2545, $2675, $2962, $2312, $2525, $2115
a) Provide a point estimate of the mean automobile insurance premium in Michigan.
b) Develop a 95% confidence interval for the mean annual automobile insurance premium in Michigan.
c) Does the 95% confidence interval for the annual automobile insurance premium in Michigan include the national average for the US? Interpret the relationship between auto insurance premiums in Michigan and the national average.
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