Question: For each of the questions below state the null and alternate hypotheses. (Be sure to state them in terms of the population parameter of interest.) Then state the conclusion in terms of the problem. (NOTE: You aren’t given enough information to actually do the hypotheses tests in the problems below.)

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 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 this service to the bank. At the .05 level of significance, is there evidence that the mean processing time is different than 45 days? State the null and alternate hypothesis. Assuming that the null hypothesis is not rejected, state the conclusion in terms of the problem.

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