(All answers were generated using 1,000 trials and native Excel functionality.) Statewide Auto Insurance believes that for every trip longer than 10 minutes that a teenager drives, there is a 1 in 1,000 chance that the drive will results in an auto accident. Assume that the cost of an accident can be modeled with a beta distribution with an alpha parameter of 1.5, a beta parameter of 3, a minimum value of $500, and a maximum value of $20,000. Construct a simulation model to answer the following questions. (Hint: Review Appendix 11.1 for descriptions of various types of probability distributions to identify the appropriate way to model the number of accidents in 500 trips.) (a) If a teenager drives 500 trips longer than 10 minutes, what is the average cost resulting from accidents? Round your answer to the nearest whole number. Average Cost: Provide a 95% confidence interval on this mean. Round your answers to the nearest whole number. Lower Bound: Upper Bound: (b) If a teenager drives 500 trips longer than 10 minutes, what is the probability that the total cost from accidents will exceed $8,000? Round your answer to a one decimal percentage. Probability (Accident Cost> $8,000): Provide a 95% confidence interval on this proportion. Round your answers to a one decimal percentage. Lower Bound: Upper Bound: %

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