26. In New York State, savings banks are permitted to sell a form of life insurance called Savings Bank Life Insurance (SBLI). The approval process consists of underwriting, which includes a review of the application, a medical information bureau check, possible requests for additional medical information and medical exams, and a policy compilation stage where 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 this service to the bank. During a period of 1 month, a random sampleof 27 approved policies was selected and the total processing time in days was recorded with the following results:
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
(a) Compute the
1. arithmetic mean
4. interquartile range
6. standard deviation
(b) Are the dataskewed? If so, how?
(c) If a customer enters the bank to purchase this type of insurance policy and asks how long the approval process takes, what would you tell him?
Please complete in excel when needed.
Finding an interquartile range in excel: …