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Question 1 Use the command set.seed(student_ID) to initialize the random number generator for part (c). In a small empirical study, a sample of claim sizes, X for a certain line of business is observed. The data are shown below: Claim 4 5 6 7 89 10 11 12 Number Claim Size 13.3 15.4 17.1 18.9 19.0 21.2 22.0 25.4 26.0 27.8 23.5 25.5 (a) Estimate the expected value of X. Give your answer in 1 decimal place. 1 (b) 2 3 Calculate a 99% confidence interval for the expected value of X assuming that X is normally distributed. Interpret your answer.

Question 1 Use the command set.seed(student_ID) to initialize the random number generator for part (c). In a small empirical study, a sample of claim sizes, X for a certain line of business is observed. The data are shown below: Claim 4 5 6 7 89 10 11 12 Number Claim Size 13.3 15.4 17.1 18.9 19.0 21.2 22.0 25.4 26.0 27.8 23.5 25.5 (a) Estimate the expected value of X. Give your answer in 1 decimal place. 1 (b) 2 3 Calculate a 99% confidence interval for the expected value of X assuming that X is normally distributed. Interpret your answer.

College Algebra
College Algebra
10th Edition
ISBN:9781337282291
Author:Ron Larson
Publisher:Ron Larson
Chapter8: Sequences, Series,and Probability
Section8.7: Probability
Problem 11ECP: A manufacturer has determined that a machine averages one faulty unit for every 500 it produces....
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Question 1 Use the command set.seed(student_ID) to initialize the random number generator for part (c). In a small empirical study, a sample of claim sizes, X for a certain line of business is observed. The data are shown below: Claim Number Claim Size 13.3 15.4 17.1 18.9 19.0 21.2 22.0 25.4 26.0 27.8 23.5 25.5 1 (b) 2 3 4 5 6 7 8 9 10 11 12 (a) Estimate the expected value of X. Give your answer in 1 decimal place. Calculate a 99% confidence interval for the expected value of X assuming that X is normally distributed. Interpret your answer.
Transcribed Image Text:Question 1 Use the command set.seed(student_ID) to initialize the random number generator for part (c). In a small empirical study, a sample of claim sizes, X for a certain line of business is observed. The data are shown below: Claim Number Claim Size 13.3 15.4 17.1 18.9 19.0 21.2 22.0 25.4 26.0 27.8 23.5 25.5 1 (b) 2 3 4 5 6 7 8 9 10 11 12 (a) Estimate the expected value of X. Give your answer in 1 decimal place. Calculate a 99% confidence interval for the expected value of X assuming that X is normally distributed. Interpret your answer.
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