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Calculate the Individual and Family Premiums When the Individual Annual

question 39

Essay

Calculate the individual and family premiums when the individual annual premium is $2,004, the employer contributes $65 per month, and the family coverage is an additional $89 per month.


Definitions:

Analysis of Variance (ANOVA)

A statistical method used to test the difference between two or more means by analyzing variances.

T-test

A statistical test used to compare the mean of a sample to a known value, or the means of two samples, to assess if the differences are statistically significant.

Regression Analysis

The statistical process for estimating the relationships among variables, often used to predict a dependent variable from one or more independent variables.

Indicator Variables

Variables in statistics used to represent categorical data with values indicating the presence or absence of a characteristic.

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