Insurance Company A claims that its customers pay less, on average, than customers of its competitor, Company B
Insurance Company A claims that its customers pay less, on average, than customers of its competitor, Company B. You wonder if this is true, so you decide to compare the average monthly costs of similar insurance policies from the two companies. For a random sample of 20 people who buy insurance from Company A, the mean cost is $178 per month with a standard deviation of $9. For 25 randomly selected customers of Company B, you find that they pay a mean of $185 per month with a standard deviation of $12
. Assume that the population distributions are approximately normal and the population variances are not equal.
Find the P
-value for the hypothesis test. Round your answer to four decimal places.