Great Insurance company has collected the data regarding the duration (how long it takes) to settle insurance claims. The data collected indicate that the duration follows a normal distribution with mean 28 days and standard deviation 8 days. What proportion of the duration is between 20 and 40 days old? What proportion of the duration is less than 30 days old? What is the number of days in which 75% of all claims are above?
Great Insurance company has collected the data regarding the duration (how long it takes) to settle insurance claims. The data collected indicate that the duration follows a normal distribution with mean 28 days and standard deviation 8 days. What proportion of the duration is between 20 and 40 days old? What proportion of the duration is less than 30 days old? What is the number of days in which 75% of all claims are above?
Great Insurance company has collected the data regarding the duration (how long it takes) to settle insurance claims. The data collected indicate that the duration follows a normal distribution with mean 28 days and standard deviation 8 days. What proportion of the duration is between 20 and 40 days old? What proportion of the duration is less than 30 days old? What is the number of days in which 75% of all claims are above?
Great Insurance company has collected the data regarding the duration (how long it takes) to settle insurance claims. The data collected indicate that the duration follows a normal distribution with mean 28 days and standard deviation 8 days.
What proportion of the duration is between 20 and 40 days old?
What proportion of the duration is less than 30 days old?
What is the number of days in which 75% of all claims are above?
Features Features Normal distribution is characterized by two parameters, mean (µ) and standard deviation (σ). When graphed, the mean represents the center of the bell curve and the graph is perfectly symmetric about the center. The mean, median, and mode are all equal for a normal distribution. The standard deviation measures the data's spread from the center. The higher the standard deviation, the more the data is spread out and the flatter the bell curve looks. Variance is another commonly used measure of the spread of the distribution and is equal to the square of the standard deviation.
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