Homework Help is Here – Start Your Trial Now!
Math
Statistics
An automobile insurer has found that repair claims are Normally distributed with a mean of $820 and a standard deviation of $770. Round your z-scores to 2 decimal places, and give your answer to at least 4 decimal places. a) Find the probability that a single claim, chosen at random, will be less than $780. ANSWER: (b) Now suppose that the next 50 claims can be regarded as a random sample from the long-run claims process. Find the probability that the average i of the 50 claims is smaller than $780. ANSWER: (c) If a sample larger than 50 claims is considered, there would be chance of getting a sample with an average smaller then $780. (NOTE: Enter "LESS", "MORE" or "AN EQUAL" without the quotes.)

An automobile insurer has found that repair claims are Normally distributed with a mean of $820 and a standard deviation of $770. Round your z-scores to 2 decimal places, and give your answer to at least 4 decimal places. a) Find the probability that a single claim, chosen at random, will be less than $780. ANSWER: (b) Now suppose that the next 50 claims can be regarded as a random sample from the long-run claims process. Find the probability that the average i of the 50 claims is smaller than $780. ANSWER: (c) If a sample larger than 50 claims is considered, there would be chance of getting a sample with an average smaller then $780. (NOTE: Enter "LESS", "MORE" or "AN EQUAL" without the quotes.)

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
Problem 1P
See similar textbooks
icon
Related questions
Question
See below. Need help.
An automobile insurer has found that repair claims are Normally distributed with a mean of $820 and a standard deviation of $770. Round your z-scores to 2 decimal places, and give your answer to at least 4 decimal places. (a) Find the probability that a single claim, chosen at random, will be less than $780. ANSWER: (b) Now suppose that the next 50 claims can be regarded as a random sample from the long-run claims process. Find the probability that the average of the 50 claims is smaller than $780. ANSWER: (c) If a sample larger than 50 claims is considered, there would be chance of getting a sample with an average smaller then $780. (NOTE: Enter "LESS", "MORE" or "AN EQUAL" without the quotes.)
Transcribed Image Text:An automobile insurer has found that repair claims are Normally distributed with a mean of $820 and a standard deviation of $770. Round your z-scores to 2 decimal places, and give your answer to at least 4 decimal places. (a) Find the probability that a single claim, chosen at random, will be less than $780. ANSWER: (b) Now suppose that the next 50 claims can be regarded as a random sample from the long-run claims process. Find the probability that the average of the 50 claims is smaller than $780. ANSWER: (c) If a sample larger than 50 claims is considered, there would be chance of getting a sample with an average smaller then $780. (NOTE: Enter "LESS", "MORE" or "AN EQUAL" without the quotes.)
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 2 steps with 2 images

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Similar questions
Recommended textbooks for you
MATLAB: An Introduction with Applications
MATLAB: An Introduction with Applications
Statistics
ISBN:
9781119256830
Author:
Amos Gilat
Publisher:
John Wiley & Sons Inc
Probability and Statistics for Engineering and th…
Probability and Statistics for Engineering and th…
Statistics
ISBN:
9781305251809
Author:
Jay L. Devore
Publisher:
Cengage Learning
Statistics for The Behavioral Sciences (MindTap C…
Statistics for The Behavioral Sciences (MindTap C…
Statistics
ISBN:
9781305504912
Author:
Frederick J Gravetter, Larry B. Wallnau
Publisher:
Cengage Learning
Elementary Statistics: Picturing the World (7th E…
Elementary Statistics: Picturing the World (7th E…
Statistics
ISBN:
9780134683416
Author:
Ron Larson, Betsy Farber
Publisher:
PEARSON
The Basic Practice of Statistics
The Basic Practice of Statistics
Statistics
ISBN:
9781319042578
Author:
David S. Moore, William I. Notz, Michael A. Fligner
Publisher:
W. H. Freeman
Introduction to the Practice of Statistics
Introduction to the Practice of Statistics
Statistics
ISBN:
9781319013387
Author:
David S. Moore, George P. McCabe, Bruce A. Craig
Publisher:
W. H. Freeman
SEE MORE TEXTBOOKS