Question

In: Statistics and Probability

What proportion of the participants die before they reach the age of 65?

A life insurance company wants to estimate its annual payouts. Assume that the probability distribution of the lifetimes of the participants is approximately a normal distribution with a mean of 68 years and a standard deviation of 4 years. What proportion of the participants die before they reach the age of 65?

Solutions

Expert Solution

mean =   = 68

standard deviation = = 4   

P(X< 65) = P[(X- ) / < (65-68) /4 ]

= P(z <-0.75 )

Using z table

= 0.2266

proportion=0.2266

orchestra answered 2 years ago
Next > < Previous

Related Solutions

The population proportion is .65 . What is the probability that a sample proportion will be...
The population proportion is .65 . What is the probability that a sample proportion will be within + or - .02 of the population proportion for each of the following sample sizes? Round your answers to 4 decimal places. Use z-table. a. n=100 b. n=200 c. n=500 d. n=1000 e. What is the advantage of a larger sample size? With a larger sample, there is a probability will be within + or - .02 of the population proportion .
Please type SAS code for questions below Age < 65 N = Age ≥ 65 N...
Please type SAS code for questions below Age < 65 N = Age ≥ 65 N = Total N = Sex      Male      Female Region      Northeast      Midwest      South      West Race      White      Black      Asian      All other race groups
About what proportion of college women are between 65 and 67 inches tall?
Heights of college women have a distribution that can be approximated by a normal curve with a mean of 65 inches and a standard deviation equal to 3 inches. About what proportion of college women are between 65 and 67 inches tall? A. 0.17 B. 0.50 C. 0.25 D. 0.75
What is it like to age and die in other countries? A few examples have been...
What is it like to age and die in other countries? A few examples have been provided in the learning activities, but for this discussion you will be tasked with researching how a culture of your choosing views aging and dying. Choose a country and search the web for facts about what it’s like to age and die in a country or culture of your choosing. Then, in your initial post, respond to each of the following: Provide a brief...
You are 30 years old and want to retire at the age of age 65 and...
You are 30 years old and want to retire at the age of age 65 and expect to live another 25 years. On the day you retire, you want to have $900,000 in your retirement savings account. a) If you invest monthly starting one month from today and your investment earns 6.0 percent per year, How much money do you need to invest every month until you retire? b) You're retired with $900,000 and you have 25 more years. You...
True or False 1. Prevalence refers to the proportion of participants with a risk factor or...
True or False 1. Prevalence refers to the proportion of participants with a risk factor or disease at a particular point in time 2. Censoring occurs when the event of interest (disease) is observed on every individual, usually due to time constraints. 3. Relative risk is an ideal form of measurement for a retrospective cohort study design because it allows researchers to recruit both individuals with the outcome of interest and individuals without the outcome of interest, then match individuals...
A die is tossed 600 times. H0 is the hypothesis that the proportion of tosses showing...
A die is tossed 600 times. H0 is the hypothesis that the proportion of tosses showing aces is binomially distributed with mean 1/6. Find the upper limit of the region for which H0 is accepted at the 1% level of significance in a two sided test. A. .240 B. .243 C. .206 D. .252 E. .258
A die is tossed 600 times. H0 is the hypothesis that the proportion of tosses showing...
A die is tossed 600 times. H0 is the hypothesis that the proportion of tosses showing aces is binomially distributed with mean 1/6. Find the upper limit of the region for which H0 is accepted at the 1% level of significance in a two sided test.
Assume that you are 30 years old and expect to retire when you reach 65. If...
Assume that you are 30 years old and expect to retire when you reach 65. If you were to retire today, you would like a fixed (pretax) income of 60,000 per year (in addition to the social security) for a period of 15 years ( your approximate life expectancy at age 65). However you realized that price inflation will erode the purchasing power of the dollar over the next 35 years and you want to adjust your desired retirement income...
Ann E. Belle is age 45 and plans to retire in 20 years (at age 65)....
Ann E. Belle is age 45 and plans to retire in 20 years (at age 65). She has retirement savings in a mutual fund account, which has a current balance of $150,000 (Ann does not plan to add any additional money to this account).  Also, Ann opened a 401K retirement account with her new employer and will contribute $15,000 per year into her 401K until retirement.   If Ann’s mutual fund account grows at an annual rate of 8.0% how much money...
ADVERTISEMENT
Subjects
ADVERTISEMENT
Latest Questions
ADVERTISEMENT