18. An insurance agent has claimed that the average age of policy-holders who insure through him is-less than the average for all agents, which is 30-5 years. A random sample of 100 policy-holders who had insured through him gave the following age distribution : Age last birthday 16-20 21-25 26-30 31-35 36- 40 No. of persons 12 22 20 30 16 Calculate the arithmetic mean and standard deviation of this distribution and use these values to test his claim at the 5% level of significance. You are given that Z (1-645) = (0-95.

18. An insurance agent has claimed that the average age of policy-holders who insure through him is-less than the average for all agents, which is 30-5 years. A random sample of 100 policy-holders who had insured through him gave the following age distribution : Age last birthday 16-20 21-25 26-30 31-35 36- 40 No. of persons 12 22 20 30 16 Calculate the arithmetic mean and standard deviation of this distribution and use these values to test his claim at the 5% level of significance. You are given that Z (1-645) = (0-95.

Microeconomic Theory

12th Edition

ISBN:9781337517942

Author:NICHOLSON

Publisher:NICHOLSON

Chapter2: Mathematics For Microeconomics

Section: Chapter Questions

Problem 2.16P

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