Suppose that the mean annual cost of automobile insurance in NC is $989 with standard deviation...

Suppose that the mean annual cost of automobile insurance in NC is $989 with standard deviation $225. What is the probability that the average cost for a sample of 50 NC automobile insurance policies is within $35 of the average annual cost for all policies? (4 decimal places). Find answer on statcrunch

Expert Solution

orchestra answered 2 years ago

The ABC insurance INC. reports that the mean annual premium for automobile insurance in the United...

The ABC insurance INC. reports that the mean annual premium for automobile insurance in the United States was $1608 in summer 2018. However, you believed automobile insurance was cheaper in North Carolina and decided to develop statistical support for your opinion. A sample of 25 automobile insurance policies from the state of North Carolina showed a mean annual premium of $1560 with a standard deviation of s = $165. a. Develop a hypothesis test that can be used to determine...

Annual automobile insurance cost for Americans is uniformly distributed from $200 to $1,182. Suppose 15 Americans...

Annual automobile insurance cost for Americans is uniformly distributed from $200 to $1,182. Suppose 15 Americans are randomly and independently sampled. What is the probability that 10 of them pay between $410 and $825 for auto insurance (round your answer to four decimal places)? Lifetime of a randomly selected Bright Star lightbulb is exponentially distributed with a mean of 400 hours. Suppose Joe has a Bright Star lightbulb that has lasted 600 hours and is still working, and Becky has...

Suppose the mean and the standard deviation of a distribution are as follows: population mean and...

Suppose the mean and the standard deviation of a distribution are as follows: population mean and standards deviation are 60 and 5, respectively. At least what proportion of the observations lie between 45 and 75?

A) Suppose that the mean and standard deviation of the scores on a statistics exam are...

A) Suppose that the mean and standard deviation of the scores on a statistics exam are 89.2 and 6.49, respectively, and are approximately normally distributed. Calculate the proportion of scores below 77. 1) 0.0301 2) 0.9699 3) We do not have enough information to calculate the value. 4) 0.2146 5) 0.7854 B) When students use the bus from their dorms, they have an average commute time of 8.974 minutes with standard deviation 3.1959 minutes. Approximately 66.9% of students reported a...

The Insure.com website reports that the mean annual premium for automobile insurance in the United States...

The Insure.com website reports that the mean annual premium for automobile insurance in the United States was $1,503 in March 2014. Being from Pennsylvania at that time, you believed automobile insurance was cheaper there and decided to develop statistical support for your opinion. A sample of 25 automobile insurance policies from the state of Pennsylvania showed a mean annual premium of $1,425 with a standard deviation of s = $160. (a) Develop a hypothesis test that can be used to...

The average annual cost of automobile insurance is $795 (National Association of Insurance Commissioners, 2007). Use...

The average annual cost of automobile insurance is $795 (National Association of Insurance Commissioners, 2007). Use this value as the population mean and assume that the population standard deviation is σ=$100. Consider a sampling distribution with sample size of 50 automobile insurance policies. a. What is the standard error of the mean for the distribution of sample means of insurance costs? b. What is the probability that the sample mean is within $50 (between $745 and $845) of the population...

Suppose Z has a standard normal distribution with a mean of 0 and standard deviation of...

Suppose Z has a standard normal distribution with a mean of 0 and standard deviation of 1. The probability that Z is less than 1.15 is

10. The population mean of annual salary for plumbers is $46,700, with a standard deviation of...

10. The population mean of annual salary for plumbers is $46,700, with a standard deviation of $5600. A random sample of 42 plumbers is drawn from this population. Find the probability that the mean salary of the sample is (a) less than $44,000. (b) between $40,000 and $51,000 (c) more than $55,000

The mean annual premium for automobile insurance in the United States is $1503 (Insure.com website, March...

The mean annual premium for automobile insurance in the United States is $1503 (Insure.com website, March 6, 2014). Being from Pennsylvania, you believe automobile insurance is cheaper there and wish to develop statistical support for your opinion. A sample of 25 automobile insurance policies from the state of Pennsylvania showed a mean annual premium of $1440 with a standard deviation of s = $165. If required, enter negative values as negative numbers. a. Develop a hypothesis test that can be...

The mean annual premium for automobile insurance in the United States is $1,495. Being from Pennsylvania,...

The mean annual premium for automobile insurance in the United States is $1,495. Being from Pennsylvania, you believe automobile insurance is cheaper there and wish to develop statistical support for your opinion. A sample of 25 automobile insurance policies from the state of Pennsylvania showed a mean annual premium of $1,439 with a standard deviation of s = $150. If required, enter negative values as negative numbers. a. Develop a hypothesis test that can be used to determine whether the...

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