A Life Insurance Representative Believes That the Mean Age of People

question 41

Essay

A life insurance representative believes that the mean age of people who buy their first life insurance plan is less than 35.To test his belief he takes a random sample of 15 customers who have just purchased their first life insurance.Their ages are 42,43,28,34,30,36,25,29,32,33,27,30,22,37,and 40.There is not enough evidence to say the data are nonnormal.Can we conclude at the 1% significance level that the insurance representative is correct?

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Definitions:

Statement of Financial Position

Another term for a balance sheet, detailing a company's assets, liabilities, and equity at a specific point in time.

Recognizing Revenue

The process of recording revenue in the accounting records once it is earned and realizable, in accordance with relevant accounting standards.

Performance Obligation

A commitment in a contract to transfer a good or service to a customer, for which a company must satisfy to recognize revenue.