An insurance company states that 90% of its claimssettled within 30 days. A cons

Question

An insurance company states that 90% of its claimssettled within 30 days. A consumer group selected a random sample of75 of the company's claims to test this statement. If theconsumer group   found that 55 of the claims were settled within 30days, do they have sufficient reason to support their contention thatfewer than calculate the p-value and use it for drawing theconclusion. What is the population of interest in thisproblem? Find the 95% confidence interval for the populationproportion.

Explanation / Answer

H0: p_actual = p = .9 Ha: p_actual does not equal p p_actual = 55/75 = .733 z = (p_actual - p) / sqrt(p * (1-p)/n) = (.733 - .9) / sqrt(.9 * .1/ 75) = -4.82 --> p is EXTREMELY small (

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