One step tests of hypothesis

Reference no: EM13110890

An insurance company, based on past experience, estimates the mean damage for a natural disaster in its area is $5,000. After introducing several plans to prevent loss, it randomly samples 200 policy holders and finds the mean amount per claim was $4,800 with a standard deviation of $1,300, Does it appears the prevention plans were effective in reducing the mean amount of a claim? Use the significance level.

Reference no: EM13110890

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