Given that for an insurance company with 10000 automobile policy holders, the expected yearly claim per policyholder is $240 with a standard deaviation of 800

using normal approximation, the probability that the total yearly claim exceeds $2.7 million is calculated as follows:

Sea sumatoria de x = SUMX, tenemos que:

$P (SUMX \geq 2700000) = P(\frac{SUMX - 240*10000}{800 *\sqrt{10000} } \geq \frac{2700000 - 240*10000}{800 *\sqrt{10000} })$

$= P (z\geq \frac{2700000 - 240*10000}{800 *\sqrt{10000}})$

= P (z => 3.75)

= 1 - P ( z < 3.75)

P = 1 - 0.999912

P = 0.000088

Which means that the probability is almost 0%

4 0

3 years ago

A set of data has a normal distribution with a mean of 46 and a standard deviation of 7. Find the percent of data within the fol

kvasek [131]

Answer:

50%

the mean (46) marks the halfway point, so over the mean is 50% and under the mean is 50%

7 0

2 years ago

The data set below has 7 values. Find the mean absolute deviation for the data set. If necessary, round your answer to the neare

Julli [10]

Answer:

Hey stu132057, your the MAD for the data set given is

Step-by-step explanation:

Step 1: Find the mean of the data: (14+13+16+12+17+21+26)/7 = 17

Step 2: Find the difference between each data and mean:Difference between 14 and 17 is 3

Difference between 13 and 17 is 4

Difference between 16 and 17 is 1

Difference between 12 and 17 is 5

Difference between 17 and 17 is 0

Difference between 21 and 17 is 4

Difference between 26 and 17 is 9

Step 3: Add all the differences: 3+4+1+5+0+4+9 = 26

Step 4: Divide it by the number of data:26/7 = 3.7

So, the MAD = 3.7

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Have a great day,

Nish

3 0

2 years ago