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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
MATLAB: An Introduction with Applications
6th Edition
ISBN:9781119256830
Author:Amos Gilat
Publisher:Amos Gilat
Chapter1: Starting With Matlab
Section: Chapter Questions
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$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?
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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