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claims med in past is below. A histogram of the data is mound shaped and roughly symmetrical. About 95% of the data are less than $877.33 Summary measures for sample of costs of claims 100 1040.47 1039.71 n Mean Median Standard deviation Minimum Maximum Range Variance greater than $1189.99 First Quartile Third Quartile between $861.47 and $1219.47 between $771.97 and $1308.97 between $950,97 and $1129.97 89.50 743.74 1247.43 503.69 80 10.27 989.72 1088.18

claims med in past is below. A histogram of the data is mound shaped and roughly symmetrical. About 95% of the data are less than $877.33 Summary measures for sample of costs of claims 100 1040.47 1039.71 n Mean Median Standard deviation Minimum Maximum Range Variance greater than $1189.99 First Quartile Third Quartile between $861.47 and $1219.47 between $771.97 and $1308.97 between $950,97 and $1129.97 89.50 743.74 1247.43 503.69 80 10.27 989.72 1088.18

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
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--- **Analyzing Personal Injury Claims Data** As a risk management officer at your firm, you are in charge of analyzing the data on personal injury claims filed recently. Below is a histogram of the data which is mound shaped and roughly symmetrical. About 95% of the data are: **Summary Measures for Sample of Costs of Claims** | Measure | Value | |--------------------|----------| | n | 100 | | Mean | 1040.47 | | Median | 1039.71 | | Standard Deviation | 89.50 | | Minimum | 743.74 | | Maximum | 1247.43 | | Range | 503.69 | | Variance | 8010.27 | | First Quartile | 989.72 | | Third Quartile | 1088.18 | **Question:** Based on the summary measures, what is the range within which 95% of the claims data fall? **Answer Choices:** - less than $877.33 - between $861.47 and $1219.47 - greater than $1189.99 - between $771.97 and $1308.97 - between $950.97 and $1129.97 **Graph Explanation:** In the table above, the "n" stands for the sample size, which is 100 claims. The "Mean" is the average cost of the claims, calculated to be $1040.47. The "Median" represents the middle value of the dataset, which is $1039.71. The "Standard Deviation" of $89.50 indicates how much the values in the dataset deviate from the mean on average. The "Minimum" and "Maximum" values are the smallest and largest observed values in the dataset, which are $743.74 and $1247.43 respectively. The "Range" is the difference between the maximum and minimum values, which is $503.69. The "Variance" is a measure of how spread out the values are, calculated as $8010.27. The "First Quartile" (Q1) and "Third Quartile" (Q3) divide the dataset into four equal parts, with Q1 being the value below which 25% of the data fall ($989.72) and Q3 being the
Transcribed Image Text:--- **Analyzing Personal Injury Claims Data** As a risk management officer at your firm, you are in charge of analyzing the data on personal injury claims filed recently. Below is a histogram of the data which is mound shaped and roughly symmetrical. About 95% of the data are: **Summary Measures for Sample of Costs of Claims** | Measure | Value | |--------------------|----------| | n | 100 | | Mean | 1040.47 | | Median | 1039.71 | | Standard Deviation | 89.50 | | Minimum | 743.74 | | Maximum | 1247.43 | | Range | 503.69 | | Variance | 8010.27 | | First Quartile | 989.72 | | Third Quartile | 1088.18 | **Question:** Based on the summary measures, what is the range within which 95% of the claims data fall? **Answer Choices:** - less than $877.33 - between $861.47 and $1219.47 - greater than $1189.99 - between $771.97 and $1308.97 - between $950.97 and $1129.97 **Graph Explanation:** In the table above, the "n" stands for the sample size, which is 100 claims. The "Mean" is the average cost of the claims, calculated to be $1040.47. The "Median" represents the middle value of the dataset, which is $1039.71. The "Standard Deviation" of $89.50 indicates how much the values in the dataset deviate from the mean on average. The "Minimum" and "Maximum" values are the smallest and largest observed values in the dataset, which are $743.74 and $1247.43 respectively. The "Range" is the difference between the maximum and minimum values, which is $503.69. The "Variance" is a measure of how spread out the values are, calculated as $8010.27. The "First Quartile" (Q1) and "Third Quartile" (Q3) divide the dataset into four equal parts, with Q1 being the value below which 25% of the data fall ($989.72) and Q3 being the
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