1) An insurance company has 500 clients. Based on an insurance model, the company predicts that the number of claims made by a client over a 10-year period follows the following distribution: P(No claims) | P(One claim) | P(Two claims) | P(Three claims) P(More than three claims) 0.75 0.15 0.05 0.03 0.02 The actual number of claims received is given below, where, for example the number of clients who made 2 claims is 36. Number of Claims Number of 1 2 3 >3 Clients 334 67 36 31 32 Using the Chi-squared Goodness-of-Fit test with 10% level of significance, determine whether the insurance model is a good fit to the data. Please complete the table below in your answer book.

1) An insurance company has 500 clients. Based on an insurance model, the company predicts that the number of claims made by a client over a 10-year period follows the following distribution: P(No claims) | P(One claim) | P(Two claims) | P(Three claims) P(More than three claims) 0.75 0.15 0.05 0.03 0.02 The actual number of claims received is given below, where, for example the number of clients who made 2 claims is 36. Number of Claims Number of 1 2 3 >3 Clients 334 67 36 31 32 Using the Chi-squared Goodness-of-Fit test with 10% level of significance, determine whether the insurance model is a good fit to the data. Please complete the table below in your answer book.

MATLAB: An Introduction with Applications

6th Edition

ISBN:9781119256830

Author:Amos Gilat

Publisher:Amos Gilat

Chapter1: Starting With Matlab

Section: Chapter Questions

Problem 1P

See similar textbooks

Similar questions

In a study of exercise, a large group of male runners walk on a treadmill for six minutes. Their heart rates in beats per minute at the end vary from runner to runner according to the ?(104,12.5) distribution. The heart rates for male nonrunners after the same exercise have the ?(130,17) distribution. (a) What percent of the runners have heart rates above 140? Give your answer to two decimal places. (b) What percent of the nonrunners have heart rates above 140? Give your answer to two decimal places.
Tiffany is a manager who needs to fire the worst performing 3% of employees. At her organization, employee performance is a normally distributed variable. Tiffany should fire employees who have a performance score that correspond with a z-score less than or equal to _____
Compute the mean of the distribution?
The national distribution of scores on the Advanced Placement (AP) examination in statistics (out of a possible 5 points) is provided in the following table. Score 1 or 2 3 5 Percentage 40% 25% 23% 12% A simple random sample of 100 high school students who took the AP exam in statistics is taken from the high schools in a certain school district. The observed counts based on this sample of students are provided in the following table. Score 1 or 2 3 4 5 Count 18 19 37 26 The chi-square statistic for these data equals 38.4. What do we know about the P-value for testing if the national model can be used for students in this school district? P-value 0.005 Can't tell
Scores on a certain intelligence test for children between ages 13 and 15 years are approximately normally distributed with u = 96 and o = 27. (a) What proportion of children aged 13 to 15 years old have scores on this test above 82 ? (NOTE: Please enter your answer in decimal form. For example, 45.23% should be entered as 0.4523.) Answer: (b) Enter the score which marks the lowest 30 percent of the distribution. Answer: (c) Enter the score which marks the highest 10 percent of the distribution. Answer:
The table compares what Plainfield College students did after graduating with a bachelor's degree in 1992, 1998, and 2003. A graphical display of the conditional distributions of what students did after graduation by year is given. Does this study present any evidence that postgraduation plans have changed over this 11-year period? Explain. Choose the best answer below. A. Yes. There is evidence that the percentage of Plainfield College graduates continuing their education and entering the work force directly after receiving a bachelor's degree has increased from 1992 to 2003. B. No. The percentage of Plainfield College graduates continuing their education has increased from 1992 to 2003. Likewise, the percentage of graduates entering the work force directly after receiving a bachelor's degree appears to have decreased from 1992 to 2003. However, this is not sufficient evidence to show any change due to the fact that the number of students graduating has increased over this same…
A stock analyst wondered whether the mean rate of return of financial, energy and utility stocks differed over the past 5 years. He obtained a simple random sample of eight companies from each of the three sectors and obtained the 5-year rates of return shown in the following table (in percents): Financial Energy Utilities 10.76 12.72 11.88 15.05 13.91 5.86 17.01 6.43 13.46 5.07 11.19 9.90 19.50 18.79 3.95 8.16 20.73 3.44 10.38 9.60 7.11 6.75 17.40 15.70 Source: Morningstar.com Required: (a) State the null and alternative hypothesis. (b) Are the mean rates of return different at the alpha = 0.05 level of significance? Please explain your answer, citing numeric and other evidence in support of your response.
Hi, I need your help.I would be very happy if you could give detailed explanation. Thanks
A customer relations manager is interested to know how long it takes for customers to fill out extended warranty forms for a particular product. Data below shows the time to fill out the forms by 11 customers. Test, at 5% level, whether the median time to fill out the forms exceeds 3 minutes. Customer Fill Time (minutes) 1 3.7 2 2.8 3 3.2 4 3.9 5 4.4 6 3.1 7 3.5 8 5.4 9 3 10 3.7 11 4.5 State the hypotheses. What statistical test should be used to determine if the median time to fill out the forms exceeds 3 minutes.? Set up the decision rule. (α=0.05) Compute the test statistic and find the p-value. Interpret your results. Give your conclusion.
According to Benford's Law, a variety of different data sets include numbers with leading (first) digits that follow the distribution shown in the table below. Test forgoodness-of-fit with Benford's Law. Leading Digit 1 2 3 4 5 6 7 8 9 Benford's law: distribution of leading digits 30.1% 17.6% 12.5% 9.7% 7.9% 6.7% 5.8% 5.1% 4.6% When working for the Brooklyn District Attorney, investigator Robert Burton analyzed the leading digits of the amounts from 784 checks issued by seven suspect companies. The frequencies were found to be 0, 12, 0, 73, 482, 186, 8, 23, and 0, and those digits correspond to the leading digits of 1, 2, 3, 4, 5, 6, 7, 8, and 9, respectively. If the observed frequencies are substantially different from the frequencies expected with Benford's Law, the check amounts appear to result from fraud. Use a 0.05 significance level to test for goodness-of-fit with Benford's Law. What is the value…
A psychology professor assigns letter grades on a test according to the following scheme. A: Top 10%10% of scores B: Scores below the top 10%10% and above the bottom 63%63% C: Scores below the top 37%37% and above the bottom 20%20% D: Scores below the top 80%80% and above the bottom 7%7% F: Bottom 7%7% of scores Scores on the test are normally distributed with a mean of 71.571.5 and a standard deviation of 9.59.5. Find the numerical limits for a D grade. Round your answers to the nearest whole number, if necessary.
Select the correct choice (i, ii, or iii) for each a, b, c, d, and fill in any answer boxes in your choice below. (Round to one decimal place as needed.) i. x ≤ ___ % ii. x ≥ ___% iii. ___% ≤ x ≤ ___%