The mean annual premium for automobile insurance in the United States is $1,504. Being from Pennsylvania, you believe automobile insurance is cheaper there and wish to develop statistical support for your opinion. A sample of 25 automobile insurance policies from the state of Pennsylvania showed a mean annual premium of $1,450 with a standard deviation of s = $155. If required, enter negative values as negative numbers. a. Develop a hypothesis test that can be used to determine whether the mean annual premium in Pennsylvania is lower than the national mean annual premium. H0: ? Ha: ?
b. What is a point estimate of the difference between the mean annual premium in Pennsylvania and the national mean (to the nearest dollar)? $
c. At ? = .05, test for a significant difference by completing the following. Calculate the value of the test statistic (to 2 decimals). The p-value is What is your conclusion?