Annual family dental expenses for families of random sample of 10 employees of company are given below. You can suppose the family dental expenses for employees of company are normally distributed.
$450, $390, $550, $140, $690, $600, $250, $330, $490, $810
a) Evaluate the mean and standard deviation of sample.
b) Find out the point estimate and 95% confidence interval for mean family dental expenses of all employees of the company.
c) Interpret confidence interval.
d) How would you communicate this information to Vice-President of Human Resources in non-statistical language.
e) How could this information be employed in negotiations with dental insurer of company in setting the premiums for next year.