The average cost of six month Florida auto insurance in 2018 was
$700. Assume the standard...
The average cost of six month Florida auto insurance in 2018 was
$700. Assume the standard deviation is σ = $50. What
will be the probability of a value higher than 20% of the
population mean?
2) The average cost of six month Florida auto insurance in 2018
was $700. Assume the standard deviation is σ = $50. What will be
the probability of a value higher than 20% of the population
mean?
For an auto insurance company, the average cost of collision
claims is $500 per year for careful drivers and $3000 per year for
poor drivers. The drivers are risk neutral and know whether they
are careful or poor, but the insurance company only knows that 15%
of drivers are poor. What is the insurance company's breakeven
price for the collision insurance? A. $425 per year B. $450 per
year C. $875 per year D. $2,625 per year
QUESTION 1
For an auto insurance company, the average cost of collision
claims is $500 per year for careful drivers and $3000 per year for
poor drivers. The drivers are risk neutral and know whether they
are careful or poor, but the insurance company only knows that 15%
of drivers are poor. What is the insurance company's breakeven
price for the collision insurance?
A.
$425 per year
B.
$450 per year
C.
$875 per year
D.
$2,625 per year
2...
CNNBC recently reported that the mean annual cost of auto
insurance is 1002 dollars. Assume the standard deviation is 214
dollars, and the cost is normally distributed. You take a simple
random sample of 18 auto insurance policies. Round your answers to
4 decimal places.
What is the distribution of XX? XX ~ N(,)
What is the distribution of ¯xx¯? ¯xx¯ ~ N(,)
What is the probability that one randomly selected auto
insurance is less than $1042?
a simple random...
CNNBC recently reported that the mean annual cost of auto
insurance is 966 dollars. Assume the standard deviation is 244
dollars, and the cost is normally distributed. You take a simple
random sample of 38 auto insurance policies. Round your
answers to 4 decimal places.
What is the distribution of XX? XX ~ N(,)
What is the distribution of ¯xx¯? ¯xx¯ ~ N(,)
What is the probability that one randomly selected auto
insurance is more than $919?
a simple random...
CNNBC recently reported that the mean annual cost of auto
insurance is 999 dollars. Assume the standard deviation is 299
dollars. You take a simple random sample of 67 auto insurance
policies.
Find the probability that a single randomly selected value is at
least 963 dollars. P(X > 963) =
Find the probability that a sample of size n = 67 is randomly
selected with a mean that is at least 963 dollars. P(M > 963)
=
CNNBC recently reported that the mean annual cost of auto
insurance is 1004 dollars. Assume the standard deviation is 278
dollars. You take a simple random sample of 55 auto insurance
policies.
Find the probability that a single randomly selected value is
less than 997 dollars. P(X < 997) =
Find the probability that a sample of size n = 55 is randomly
selected with a mean less than 997 dollars. P( ¯ x < 997) =
CNNBC recently reported that the mean annual cost of auto
insurance is 1008 dollars. Assume the standard deviation is 299
dollars. You take a simple random sample of 58 auto insurance
policies.
Find the probability that a single randomly selected value is
more than 961 dollars. P(X > 961) =
Find the probability that a sample of size n = 58 is randomly
selected with a mean that is more than 961 dollars. P(M > 961)
=
CNNBC recently reported that the mean annual cost of auto
insurance is 978 dollars. Assume the standard deviation is 299
dollars. You take a simple random sample of 92 auto insurance
policies.
Find the probability that a single randomly selected value is less
than 988 dollars.
P(X < 988) = ___________
Find the probability that a sample of size n=92n=92 is randomly
selected with a mean less than 988 dollars.
P(M < 988) = ____________
CNNBC recently reported that the mean annual cost of auto
insurance is 954 dollars. Assume the standard deviation is 213
dollars. You take a simple random sample of 87 auto insurance
policies. Find the probability that a single randomly selected
value exceeds 1000 dollars. P(X > 1000) = Find the probability
that a sample of size n = 87 is randomly selected with a mean that
exceeds 1000 dollars. P(M > 1000) = Enter your answers as
numbers accurate to...