Discuss the below:
Q: In New York State, savings banks are permitted to sell a form of life insurance called the savings bank life insurance (SBLI). The approval process consists of underwriting, which includes a review of the application, a medical information bureau check, possible requisites for additional medical information and medical exams, and a policy compilation state in which the policy pages are generated and sent to the bank for delivery. The ability to deliver approved policies to customers in a timely manner is critical to the profitability of the service to the bank. During a period of one month, a random sample of 27 approved policies was selected, and the total processing time, in days, was shown below and stored in insurance:
73 19 16 64 28 28 31 90 60 56 31 56 22 18
45 48 17 17 17 91 92 63 50 51 69 16 17
Construct a 95% confidence interval estimate for the population mean processing time.