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1) The Finnish Tax Administration's Center of Excellence in Tax Research has determined that a typical Finnish family of four spends between $400 and $3,800 per year on all types of insurance. This money spent is uniformly distributed between these amounts. a) What is the mean amount spent on insurance? b) What is the standard deviation of the amount spent? c) If a family is selected at random, what is the probability they spend less than $2,000 per year on insurance? d) What is the probability that a family spends more than $3,000 per year?

1) The Finnish Tax Administration's Center of Excellence in Tax Research has determined that a typical Finnish family of four spends between $400 and $3,800 per year on all types of insurance. This money spent is uniformly distributed between these amounts. a) What is the mean amount spent on insurance? b) What is the standard deviation of the amount spent? c) If a family is selected at random, what is the probability they spend less than $2,000 per year on insurance? d) What is the probability that a family spends more than $3,000 per year?

MATLAB: An Introduction with Applications
MATLAB: An Introduction with Applications
6th Edition
ISBN:9781119256830
Author:Amos Gilat
Publisher:Amos Gilat
Chapter1: Starting With Matlab
Section: Chapter Questions
Problem 1P
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1) The Finnish Tax Administration's Center of Excellence in Tax Research has determined that a typical Finnish family of four spends between $400 and $3,800 per year on all types of insurance. This money spent is uniformly distributed between these amounts. a) What is the mean amount spent on insurance? b) What is the standard deviation of the amount spent? c) If a family is selected at random, what is the probability they spend less than $2,000 per year on insurance? d) What is the probability that a family spends more than $3,000 per year?
Transcribed Image Text:1) The Finnish Tax Administration's Center of Excellence in Tax Research has determined that a typical Finnish family of four spends between $400 and $3,800 per year on all types of insurance. This money spent is uniformly distributed between these amounts. a) What is the mean amount spent on insurance? b) What is the standard deviation of the amount spent? c) If a family is selected at random, what is the probability they spend less than $2,000 per year on insurance? d) What is the probability that a family spends more than $3,000 per year?
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