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In NewYork State, savings banks are permitted to sell a form of life insurance called savings

bank life insurance (SBLI). The approval process consists of underwriting, which includes a

review of the application, a medical information bureau check, possible requests for additional

medical information and medical exams, and a policy compilation stage in which the policy

pages are generated and sent to the bank for delivery. The ability to deliver approved policies to

customers in a timely manner is critical to the profitability of this service. During a period of one

month, a random sample of 27 approved policies is selected, and the total processing time, in

days, is recorded and stored in Excel 'Insurance' ):

(a) In the past, the mean processing time was 45 days. At the 0.05 level of significance, is

there evidence that the mean processing time has changed from 45 days? 

(b) Using Data Analysis tools / PHStat in Microsoft Excel, determine the p-value in (a) and

explain your conclusion. 

(c) What assumption about the population distribution is needed in order to conduct the t test

in (a)? 

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In NewYork State, savings banks are permitted to sell a form of life insurance called savings bank life insurance (SBLI). The approval process...
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