Insurance companies track life expectancy information to assist in determining the cost of life insurance policies. Last year the average life expectancy of all policyholders was 77 years. ABI insurance wants to determine if their clients now have a longer life expectancy, on average, so they randomly sample some of their recently paid policies. The insurance company will only change their premium structure if there is evidence that people who buy their polices are living longer than before. The sample has a mean of 78.6 years and a standard devation of 4.48 years.(86,75,83,84,81,77,78,79,79,81,76,85,70,76,79,81,73,74,72,83)A) Write the null and alternative hypothesisB) What is the value of the test statisticC)What is the associated P valueD) State your conclusion using ? =0.05
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