According to the Insurance Information Institute, the mean e…
According to the Insurance Information Institute, the mean expenditure for auto insurance in the United States was $774 in 2002. An insurance sales person believes that the mean expenditure for auto insurance is different now. He obtains a random sample of 35 auto insurance policies and determines the mean expenditure to be $815 with a standard deviation of $88.31. Is there sufficient evidence to conclude that the mean expenditure for auto insurance is different from the 2002 amount at the α = 0.10 level of significance?State the p-value. Round to 4 decimal places.
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