3.62 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, during 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. During a period of one month, a random sample of 27 approved policies was selected, and the following were the total processing times (stored in ): 45 48 17 17 17 91 92 63 50 51 69 16 17 73 19 16 64 28 28 31 90 60 56 31 56 22 18 Insurance
a. Compute the mean, median, first quartile, and third quartile.
b. Compute the range, interquartile range, variance, standard deviation, and coefficient of variation.
c. Construct a boxplot. Are the data skewed? If so, how?
d. What would you tell a customer who enters the bank to purchase this type of insurance policy and asks how long the approval process takes?