Question
In: Statistics and Probability
Suppose a newspaper article states that the distribution of auto insurance premiums for residents of California...
Suppose a newspaper article states that the distribution of auto insurance premiums for residents of California is approximately normal with a mean of 1525. The article also states that 20% of California residents pay more than 1875.
1. What is the Z score that corresponds to the top 20% (or the 80?ℎth percentile) of the standard normal distribution? Round your answer to 4 decimal places.
2. What is the mean insurance cost?
3. What is the cutoff for the 80?ℎth percentile?
4. Identify the standard deviation of insurance premiums in LA.
Round your answer to two decimal places.
Hint: Use the information from the first 3 questions in this
problem and the formula for finding the z-score.
Solutions
orchestra answered 2 years agoRelated Solutions
Suppose a newspaper article states that the distribution of auto insurance premiums for residents of California...
Suppose a newspaper article states that the distribution of auto
insurance premiums for residents of California is approximately
normal with a mean of 1502. The article also states that 10% of
California residents pay more than 1940. 1. What is the Z score
that corresponds to the top 10% (or the 90th percentile) of the
standard normal distribution? Round your answer to 4 decimal
places. -.7742 2. What is the mean insurance cost? 3. What is the
cutoff for the...
Suppose a newspaper article states that the distribution of auto insurance premiums for residents of California...
Suppose a newspaper article states that the distribution of auto
insurance premiums for residents of California is approximately
normal with a mean of 1502. The article also states that 25% of
California residents pay more than 1875.
1. What is the Z score that corresponds to the top 25% (or the
75thth percentile) of the standard normal distribution? Round your
answer to 4 decimal places.
2. What is the mean insurance cost?
3. What is the cutoff for the 75thth...
Auto insurance premiums. Suppose a newspaper article states that the distribution of auto insurance premiums for...
Auto insurance premiums. Suppose a newspaper
article states that the distribution of auto insurance premiums for
residents of California is approximately normal with a mean of
1504. The article also states that 15% of California residents pay
more than 1940.
1. What is the Z score that corresponds to the top 15% (or the
85thth percentile) of the standard normal distribution? Round your
answer to 4 decimal places.
2. What is the mean insurance cost?
3. What is the cutoff...
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