An automobile insurer has found that repair claims are Normally distributed with a mean of $510 and a standard deviation of $460. (a) Find the probability that a single claim, chosen at random, will be less than $480. ANSWER: (b) Now suppose that the next 50 claims can be regarded as a random sample from the long-run claims process. Find the probability that the average x¯of the 50 claims is smaller than $480.
An automobile insurer has found that repair claims are Normally distributed with a mean of $510 and a standard deviation of $460. (a) Find the probability that a single claim, chosen at random, will be less than $480. ANSWER: (b) Now suppose that the next 50 claims can be regarded as a random sample from the long-run claims process. Find the probability that the average x¯of the 50 claims is smaller than $480.
Glencoe Algebra 1, Student Edition, 9780079039897, 0079039898, 2018
18th Edition
ISBN:9780079039897
Author:Carter
Publisher:Carter
Chapter10: Statistics
Section10.4: Distributions Of Data
Problem 19PFA
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An automobile insurer has found that repair claims are
(a) Find the probability that a single claim, chosen at random, will be less than $480.
ANSWER:
(b) Now suppose that the next 50 claims can be regarded as a random sample from the long-run claims process. Find the probability that the average x¯of the 50 claims is smaller than $480.
ANSWER:
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