Suppose I would like to buy an health insurance plan and out of the abundance of caution, I randomly sampled 19 different insurance plans that were comparable in terms of the benefits provided. Below I recorded the monthly premiums for each plan.
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Would I be justified to build a 99 percent confidence interval for the average monthly premium needed to be paid?
Suppose I spoke with a company representative from one of the companies providing these plans and she informed me that on average I can expect to pay $846 per month. Can I trust the company representative's estimate? (Hint: Perform a Confidence Interval Analysis)
Suppose I would like to buy an health insurance plan and out of the abundance of caution, I randomly sampled 19 different insurance plans that were comparable in terms of the benefits provided. Below I recorded the monthly premiums for each plan.
Would I be justified to build a 99 percent confidence interval for the average monthly premium needed to be paid?