Question
In: Statistics and Probability
A random sample of 8 drivers insured with a company and having similar auto insurance policies...
A random sample of 8 drivers insured with a company and having similar auto insurance policies was selected. The following table lists their driving experiences (in years) and monthly auto insurance premiums:
|
Driving Experience (years) |
Monthly Auto Insurance Premium |
|
5 |
$64 |
|
2 |
$87 |
|
12 |
$50 |
|
9 |
$71 |
|
15 |
$44 |
|
6 |
$56 |
|
25 |
$42 |
|
16 |
$60 |
a. Make a scatter plot of the data
b. Calculate the correlation coefficient
c. Calculate a simple linear regression with Premium as the
dependent variable and Experience as the independent variable
d. Is there a relationship between Driving Experience and Insurance
Premium? Describe the relationship.
e. Predict the Monthly Auto Insurance Premium for a driver with 10 years of driving experience.
Solutions
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orchestra answered 3 years agoRelated Solutions
A random sample of eight drivers insured with a company and having similar auto insurance policies...
A random sample of eight drivers insured with a company and
having similar auto insurance policies was selected. The following
table lists their driving experiences (in years) and monthly auto
insurance premiums.
Driving Experience (years)
Monthly Auto Insurance Premium $
5
64
2
87
12
50
9
71
15
44
6
56
25
42
16
60
a. Does the insurance premium depend on the driving experience
or does the driving experience depend on the insurance premium? Do
you expect a...
A random sample of eight auto drivers insured with a company and having similar auto insurance...
A random sample of eight auto drivers insured with a
company and having similar auto insurance policies
was selected. The following table lists their driving experience
(in years) and the monthly auto insurance
premium (in dollars).
Driving Experience(years) 5 2 12 9 15 6 25 16
Monthly Premium(dollars) 64 87 50 71 44 56 42 60
Answer the following questions.
Predict the average monthly auto insurance premium for drivers with
10 years of driving experience and
provide the 95% confidence...
A random sample of eight auto drivers insured with a company and having similar auto insurance...
A random sample of eight auto drivers insured with a
company and having similar auto insurance policies
was selected. The following table lists their driving experience
(in years) and the monthly auto insurance
premium (in dollars).
Driving Experience(years) 5 2 12 9 15 6 25 16
Monthly Premium(dollars) 64 87 50 71 44 56 42 60
Answer the following questions.
(a) Does the insurance premium depend on driving experience or does
the driving experience depend on
insurance premium? Do you...
1. A random sample of eight auto drivers insured with a company and having similar auto...
1. A random sample of eight auto drivers insured with a company
and having similar auto insurance policies was selected. The
following table lists their driving experience (in years) and the
monthly auto insurance premium (in dollars).
Driving Experience
5
2
12
9
15
6
25
16
Monthly Auto Insurance Premium ($)
64
87
50
71
44
56
42
60
a) Find the regression of Monthly Auto Insurance Premium on
Driving Experience and write down the least squares regression
model....
Accidents records by an auto insurance company suggest that the probability that an insured driver has...
Accidents records by an auto insurance company suggest that the
probability that an insured driver has an accident is
0.05
If an accident occurs, the damage to the vehicle amounts to an
average of
$6240.
What premium should the insurance company charge, in order to
have an expected profit of
$1000?
On average the insurer should charge
$....
(Round to 2 decimal points.)
Accidents records by an auto insurance company suggest that theprobability that an insured driver has...
Accidents records by an auto insurance company suggest that the
probability that an insured driver has an accident is 0.15.If an
accident occurs, the damage to the vehicle amounts to an average of
5380.What premium should the insurance company charge, in order to
have an expected profit of 2500?a)On average the insurer should charge _? (round to 2 decimal
points.?
Part A. Anystate Auto Insurance Company took a random sample of 356 insurance claims paid out...
Part A.
Anystate Auto Insurance Company took a random sample of 356
insurance claims paid out during a 1-year period. The average claim
paid was $1560. Assume σ = $232.
Find a 0.90 confidence interval for the mean claim payment. (Round
your answers to two decimal places.)
lower limit
$
upper limit
$
Find a 0.99 confidence interval for the mean claim payment. (Round
your answers to two decimal places.)
lower limit
$
upper limit
$
Part B.
The method...
Anystate Auto Insurance Company took a random sample of 380 insurance claims paid out during a...
Anystate Auto Insurance Company took a random sample of 380
insurance claims paid out during a 1-year period. The average claim
paid was $1525. Assume σ = $258.
Find a 0.90 confidence interval for the mean claim payment. (Round
your answers to two decimal places.)
lower limit
$
upper limit
$
Find a 0.99 confidence interval for the mean claim payment. (Round
your answers to two decimal places.)
lower limit
$
upper limit
$
Anystate Auto Insurance Company took a random sample of 358 insurance claims paid out during a...
Anystate Auto Insurance Company took a random sample of 358
insurance claims paid out during a 1-year period. The average claim
paid was $1515. Assume σ = $248.
Find a 0.90 confidence interval for the mean claim payment. (Round
your answers to two decimal places.)
Lower Limit =
Upper Limit =
Find a 0.99 confidence interval for the mean claim payment.
(Round your answers to two decimal places.)
Lower Limit =
Upper Limit =
Anystate Auto Insurance Company took a random sample of 350 insurance claims paid out during a...
Anystate Auto Insurance Company took a random sample of 350
insurance claims paid out during a 1-year period. The average claim
paid was $1555. Assume σ = $256.
Find a 0.90 confidence interval for the mean claim payment. (Round
your answers to two decimal places.)
lower
limit
$
upper
limit
$
Find a 0.99 confidence interval for the mean claim payment. (Round
your answers to two decimal places.)
lower
limit
$
upper
limit
$
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