Please assist with the following questions 24. Summary statistics on aggregate claims for each of four car rental com-pany risks over five years are given in Table 5.12 below. Here Xij denotesaggregate claims in year j for risk i. Using Model 1 of empirical Bayescredibility, calculate the credibility factor and credibility premium forrisk 1. In your opinion, is Model 1 suitable to calculate credibility pre-miums for these risks?TABLE 5.12Car rental company risks.RiskXiΣ₁j=1(Xij - X₁)²16,1325,321,64327,4655,974,21234,9274,321,615423,41641,271,314

This problem asks for the calculation of the credibility factor and credibility premium for Risk 1…

Answered: 24. Summary statistics on aggregate…

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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