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
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ISBN:9781119256830
Author:Amos Gilat
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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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VIEWStep 5: Find the probability that a family spends more than $3000 per year
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