2. A study by Quadrant Information Services commissioned by Insure.com calculated auto insurance rates for each of the 50 states; and as a result, the average annual rate for the United States was $1317. Suppose annual rates of auto insurance in the United States are normally distributed with a standard deviation of $324. Based on these data, what is the probability that a randomly selected auto insurance rate in the United States would be greater than $1750? What percentage of auto insurance rates would be less than $1200? What percentage of auto insurance rates would be between $1100 and $1500?
2. A study by Quadrant Information Services commissioned by Insure.com calculated auto insurance rates for each of the 50 states; and as a result, the average annual rate for the United States was $1317. Suppose annual rates of auto insurance in the United States are normally distributed with a standard deviation of $324. Based on these data, what is the probability that a randomly selected auto insurance rate in the United States would be greater than $1750? What percentage of auto insurance rates would be less than $1200? What percentage of auto insurance rates would be between $1100 and $1500?
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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Transcribed Image Text:$14 million. In 1961, USAA's bylaws
were changed such that membership
no longer had to be relinquished when
an officer leaves the service. In 1963,
the USAA Life Insurance Company was
formed; and by the end of 1969, there
were 700,000 members producing a
profit of almost $24 million.
In 1977, USAA reached $1 billion in
assets; and in 1983 they opened the
USAA Federal Savings Bank. Fortune
magazine named USAA one of
"America's Most Admired Companies"
in 1992 and Money magazine named
USAA Federal Savings Bank the best
bank in America. By the turn of the
century, USAA owned and operated a
total of $58.9 billion assets. By 2003,
96% of all active-duty officers and 44%
of enlisted personnel were USAA
members. USAA introduced a car-
USAA, the United Services Automobile
Association, is a diversified financial
services group of companies based in
San Antonio, Texas. Currently, ranked
57th in net worth ($25 billion) and
According to their mission statement,
"USAA's mission is to facilitate the
financial security of its members,
associates and their families by
providing a ful ange of highly
competitivefinancial products and
services. In so doing, we seek to be the
provider of choice for the military
community"
141st in revenue in Fortune 500
companies, USAA offers banking,
investing, and insurance to people and
families that serve, or served, in the
United States military. At the end of last
year, there were 10.7 million members,
42.6 million products, and 26,300
employees. It is the 5th largest
homeowners' insurer and the 6th
largest auto insurer.
USAA was founded in 1922 by 25 army
officers who came together in San
Antonio and decided to insure each
other's automobiles. In the 1930s, even
with the great depression, the number
of employees doubled from 46 to 99. By
1940, there were 30,000 members
including 60% of all eligible U.S.
military officers. During the 1940s, in
spite of a decrease in driving due to
wartime restrictions on gasoline, spare
parts, and tires, USAA grew rapidly and
reported a profit of over $3 million. At
buying service in 2008; and in 2009, the
company expanded its eligibility to all
who are serving or have honorably
served our nation in the U.S. military
and their families. In 2011, Fortune
magazine included USAA on its list of
"100 Best Companies to Work For" for
the third straight year.
2. A study by Quadrant Information Services
commissioned by Insure.com calculated auto
insurance rates for each of the 50 states; and as a
result, the average annual rate for the United States
was $1317. Suppose annual rates of auto insurance in
the United States are normally distributed with a
standard deviation of $324. Based on these data, what
is the probability that a randomly selected auto
insurance rate in the United States would be greater
than $1750? What percentage of auto insurance rates
would be less than $1200? What percentage of auto
insurance rates would be between $1100 and $1500?
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