Answered: Shaver manufacturing inc. offers a…

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

Shaver manufacturing inc. offers a dental insurance to its employees. A recent study by the human resource director shows the annual cost per employee per year followed the normal probability distribution with the mean of $1280 and the standard deviation is $420 per year.

a. What is the probability that annual dental expense are more than $1500?

b. What is the probability that annual dental expense are between $1500 and $2000?

c. Estimate the probability that an employee had no annual dental expenses.

d. What was the cost for 10% of employees who incurred the highest dental expense?

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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