Find the Requested Value $$\begin{array} { l l l l } 616 & 421 & 736 & 948 \\510 & 966 & 948 & 439 \\585 & 737 & 580 & 725 \\856 & 610 & 720 & 985\end{array}$$

question 23

Multiple Choice

Find the requested value.
-A researcher for a car insurance company wishes to estimate the mean annual premium that men aged 20-24 pay for their car insurance. A random sample of 16 men aged between 20 and 24 yields The following annual premiums, in dollars. $$\begin{array} { l l l l } 616 & 421 & 736 & 948 \\510 & 966 & 948 & 439 \\585 & 737 & 580 & 725 \\856 & 610 & 720 & 985\end{array}$$ Use the data to obtain a point estimate of the mean annual premium for all men aged between 20 And 24. Round your answer to the nearest dollar.

• A)$690
• B)$694
• C)$711
• D)$703

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Definitions:

Independent Variables

Independent variables are the variables in an experiment or analysis that are manipulated or categorized to investigate their effect on dependent variables.

Sample Size

The number of observations or data points collected from a population to form a sample for analysis.

Coefficient Of Determination

The coefficient of determination, symbolized as R², quantifies the proportion of the variance in the dependent variable that is predictable from the independent variables.

Critical Value

A point on the scale of the test statistic beyond which we reject the null hypothesis, depending on the level of significance.