Anystate auto insurance company took a random sample of 360 insurance claims paid out during a 1-year period. the average claim paid was $1510. assume σ = $236. find a 0.90 confidence interval for the mean claim payment. (round your answers to two decimal places.) lower limit $ upper limit $ find a 0.99 confidence interval for the mean claim payment. (round your answers to two decimal places.) lower limit $ upper limit $

The formula to find the confidence interval is given by :-

, where = Sample mean

z* = Critical value.

SE = Standard error , , = Population standard deviation.

n= Sample size.

As per given , we have

n= 360

We know that the critical value for 0.90 confidence interval : z* = 1.645

Then,  a 0.90 confidence interval for the mean claim payment.will be :

∴ a 0.90 confidence interval for the mean claim payment.  = ($1489.45,$1530.55)

We know that the critical value for 0.99 confidence interval : z* = 2.576

0.99 confidence interval for the mean claim payment will be :

∴ a 0.99 confidence interval for the mean claim payment.  = ($1477.83, $1542.17)

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step-by-step explanation: