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Question: A random sample of 12 health maintenance organizations (HMOs) was selected. For each HMO, the co-payment (in dollars) for a doctor’s office visit was recorded. The results are as follows:
6, 5, 12, 6, 8, 11, 6, 10, 12, 12, 10, 5
Under the assumption that co-payment amounts are normally distributed find a 95% confidence interval for the mean co-payment amount in dollars.
What is the degree of freedom?
What is the mean and standard deviation?
What is the lower limit and upper limit of the confidence interval?
Relate how you apply such statistics in your professional (work) environment and discuss the advantages of applying similar statistical analysis to your work.
Please carry your intermediate computations to at least three decimal places.
Please show and explain all steps to make it easy to follow
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