Statistics Solutions

(Solution Library) Salaries for Actuaries. Nationwide, the average salary of actuaries who achieve the rank of Fellow is $150,000. An insurance executive

Question: Salaries for Actuaries. Nationwide, the average salary of actuaries who achieve the rank of Fellow is $150,000. An insurance executive wants to see how this compares with Fellows within his company. He checks the salaries of eight Fellows and finds the average salary to be $155,500 with a standard deviation of $15,000. Can he conclude that Fellows in his company make more than the national average, using a = 0.05?

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