Find the standard deviation of insurance premiums. b) A California resident is randomly chosen and he/she is in the top 25% of the insurance premiums. What is the probability that he/she pays more than $2, 000? (

Find the standard deviation of insurance premiums. b) A California resident is randomly chosen and he/she is in the top 25% of the insurance premiums. What is the probability that he/she pays more than $2, 000? (

A First Course in Probability (10th Edition)

10th Edition

ISBN:9780134753119

Author:Sheldon Ross

Publisher:Sheldon Ross

Chapter1: Combinatorial Analysis

Section: Chapter Questions

Problem 1.1P: a. How many different 7-place license plates are possible if the first 2 places are for letters and...

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Question

Suppose the distribution of auto insurance premiums for residents of California is approximately normal with a mean of $1, 650. Suppose 25% of California residents pay more than $1, 800. a) Find the standard deviation of insurance premiums. b) A California resident is randomly chosen and he/she is in the top 25% of the insurance premiums. What is the probability that he/she pays more than $2, 000? (Hint: Think of conditional probability.)

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