Applied Statistics (A).June.201 5.00 Poiuts)In New York State.saving banks are permitted to sell a form of life insurance called additional medical information and medical exams,and a policy compilation st age where the policy pages are generated and sent to the bank for delivery.Theab ility to deliver ap proved policies to customers in a timely manner is critical to the profitability of this service to the bank. Duringa perid ofne montharan dom sample of27 approved poicies wassectand the otal processingtime,in days. was r orded ith the follo ng r sults. 31916642828319060563156221 45481717179192635051691617(X=43.89,S=25.28) Set up a95%confidence interval estimate of the population mean processing time.Applied Statistics (A), June, 2012 6 5. (10 Points) In New York State, saving banks are permitted to sell a form of life insurance called Saving Ba nk Life Ins urance (SBLI). T he ap proval process c onsists of u nderwriting, w hich includes a review of the a pplication, a m edical information bureau check, possibl e requests for additional m edical inf ormation a nd m edical e xams, and a policy compilation st age where t he policy p ages are g enerated an d se nt to the ba nk for delivery. Th e ab ility to d eliver ap proved policies to customers in a t imely manner is critical to the profitability of this service to the bank. During a period of one month, a ran dom sample of 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 ( X  89.43 , S=25.28) Set up a 95% confidence interval estimate of the population mean processing time