3.11 Auto insurance premiums: Suppose a newspaper article states that the distribution of auto insurance premiums for residents of California is approximately normal with a mean of $1600. The article also states that 25% of California residents pay more than $1850. a) What is the Z-score that corresponds to the top 25% (or the 75th percentile) of the standard normal distribution? Round your answer to 2 decimal places. b) What is the mean insurance cost? c) What is the cutoff for the 75th percentile? d) Identify the standard deviation of insurance premiums in California. Round your answer to 1 decimal place.
3.11 Auto insurance premiums: Suppose a newspaper article states that the distribution of auto insurance premiums for residents of California is approximately normal with a mean of $1600. The article also states that 25% of California residents pay more than $1850. a) What is the Z-score that corresponds to the top 25% (or the 75th percentile) of the standard normal distribution? Round your answer to 2 decimal places. b) What is the mean insurance cost? c) What is the cutoff for the 75th percentile? d) Identify the standard deviation of insurance premiums in California. Round your answer to 1 decimal place.
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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