Elementary Statistics
12th Edition
ISBN: 9780321836960
Author: Mario F. Triola
Publisher: PEARSON
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Chapter 1.3, Problem 1BSC
Parameter and Statistic What is a parameter, and what is a statistic?
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Questions
An insurance company's cumulative incurred claims for the last 5 accident years are given
in the following table:
Development Year
Accident Year 0
2018
1 2 3 4
245 267 274 289 292
2019
255 276 288 294
2020
265 283 292
2021
263 278
2022
271
It can be assumed that claims are fully run off after 4 years. The premiums received for
each year are:
Accident Year Premium
2018
306
2019
312
2020
318
2021
326
2022
330
You do not need to make any allowance for inflation.
1. (a) Calculate the reserve at the end of 2022 using the basic chain ladder method.
(b) Calculate the reserve at the end of 2022 using the Bornhuetter-Ferguson method.
2. Comment on the differences in the reserves produced by the methods in Part 1.
From a sample of 26 graduate students, the mean number of months of work experience prior to entering an MBA program was 34.67. The national standard deviation is known to be18 months. What is a 90% confidence interval for the population mean?
Question content area bottom
Part 1
A
9090%
confidence interval for the population mean is
left bracket nothing comma nothing right bracketenter your response here,enter your response here.
(Use ascending order. Round to two decimal places as needed.)
A test consists of 10 questions made of 5 answers with only one correct answer. To pass the test, a student must answer at least 8 questions correctly. (a) If a student guesses on each question, what is the probability that the student passes the test? (b) Find the mean and standard deviation of the number of correct answers. (c) Is it unusual for a student to pass the test by guessing? Explain.
Chapter 1 Solutions
Elementary Statistics
Ch. 1.2 - Statistical Significance versus Practical...Ch. 1.2 - Source of Data In conducting a statistical study,...Ch. 1.2 - Voluntary Response Sample What is a voluntary...Ch. 1.2 - Correlation and Causation What is meant by the...Ch. 1.2 - Consider the Source. In Exercises 5-8, determine...Ch. 1.2 - Consider the Source. In Exercises 5-8, determine...Ch. 1.2 - Consider the Source. In Exercises 5-8, determine...Ch. 1.2 - Consider the Source. In Exercises 5-8, determine...Ch. 1.2 - Sampling Method. In Exercises 9-12, determine...Ch. 1.2 - Sampling Method. In Exercises 9-12, determine...
Ch. 1.2 - Sampling Method. In Exercises 9-12, determine...Ch. 1.2 - Sampling Method. In Exercises 9-12, determine...Ch. 1.2 - Statistical Significance and Practical...Ch. 1.2 - Statistical Significance and Practical...Ch. 1.2 - Statistical Significance and Practical...Ch. 1.2 - Statistical Significance and Practical...Ch. 1.2 - In Exercises 17-20, refer to the data in the table...Ch. 1.2 - In Exercises 17-20, refer to the data in the table...Ch. 1.2 - Prob. 19BSCCh. 1.2 - Conclusion If we use the listed pulse rates with...Ch. 1.2 - In Exercises 21-24, refer to the data in the table...Ch. 1.2 - Prob. 22BSCCh. 1.2 - Prob. 23BSCCh. 1.2 - In Exercises 21-24, refer to the data in the table...Ch. 1.2 - Prob. 25BSCCh. 1.2 - Whats Wrong? In Exercises 25-28, identify what is...Ch. 1.2 - Whats Wrong? In Exercises 25-28, identify what is...Ch. 1.2 - Prob. 28BSCCh. 1.2 - Percentages. In Exercises 29-36, answer the given...Ch. 1.2 - Percentages. In Exercises 29-36, answer the given...Ch. 1.2 - Percentages. In Exercises 29-36, answer the given...Ch. 1.2 - Prob. 32BSCCh. 1.2 - Percentages in Advertising An ad for Big Skinny...Ch. 1.2 - Percentages. In Exercises 29-36, answer the given...Ch. 1.2 - Percentages. In Exercises 29-36, answer the given...Ch. 1.2 - Percentages in Advertising A New York Times...Ch. 1.2 - ATV Accidents The Associated Press provided an...Ch. 1.2 - Falsifying Data A researcher at the...Ch. 1.2 - Whats Wrong with This Picture? The Newport...Ch. 1.3 - Parameter and Statistic What is a parameter, and...Ch. 1.3 - Prob. 2BSCCh. 1.3 - Discrete/Continuous Data Which of the following...Ch. 1.3 - Identifying the Population In a Gallup poll of...Ch. 1.3 - In Exercises 5-12, determine whether the given...Ch. 1.3 - In Exercises 5-12, determine whether the given...Ch. 1.3 - In Exercises 5-12, determine whether the given...Ch. 1.3 - In Exercises 5-12, determine whether the given...Ch. 1.3 - In Exercises 5-12, determine whether the given...Ch. 1.3 - In Exercises 5-12, determine whether the given...Ch. 1.3 - In Exercises 5-12, determine whether the given...Ch. 1.3 - In Exercises 5-12, determine whether the given...Ch. 1.3 - In Exercises 13-20, determine whether the given...Ch. 1.3 - In Exercises 13-20, determine whether the given...Ch. 1.3 - In Exercises 13-20, determine whether the given...Ch. 1.3 - In Exercises 13-20, determine whether the given...Ch. 1.3 - Prob. 17BSCCh. 1.3 - In Exercises 13-20, determine whether the given...Ch. 1.3 - Prob. 19BSCCh. 1.3 - In Exercises 13-20, determine whether the given...Ch. 1.3 - In Exercises 21-28, determine which of the four...Ch. 1.3 - In Exercises 21-28, determine which of the four...Ch. 1.3 - Prob. 23BSCCh. 1.3 - In Exercises 21-28, determine which of the four...Ch. 1.3 - In Exercises 21-28, determine which of the four...Ch. 1.3 - In Exercises 21-28, determine which of the four...Ch. 1.3 - In Exercises 21-28, determine which of the four...Ch. 1.3 - In Exercises 21-28, determine which of the four...Ch. 1.3 - In Exercises 29-32, identify the level of...Ch. 1.3 - In Exercises 29-32, identify the level of...Ch. 1.3 - In Exercises 29-32, identify the level of...Ch. 1.3 - In Exercises 29-32, identify the level of...Ch. 1.3 - Countable For each of the following, categorize...Ch. 1.3 - Scale for Rating Food A group of students develops...Ch. 1.3 - Interpreting Temperature Increase In the Born...Ch. 1.4 - Simple Random Sample At a national conference of...Ch. 1.4 - Observational Study and Experiment You want to...Ch. 1.4 - Simple Random Convenience Sample A student of the...Ch. 1.4 - Convenience Sample The author conducted a survey...Ch. 1.4 - In Exercises 5-8, determine whether the given...Ch. 1.4 - In Exercises 5-8, determine whether the given...Ch. 1.4 - In Exercises 5-8, determine whether the given...Ch. 1.4 - In Exercises 5-8, determine whether the given...Ch. 1.4 - In Exercises 9-20, identify which of these types...Ch. 1.4 - In Exercises 9-20, identify which of these types...Ch. 1.4 - In Exercises 9-20, identify which of these types...Ch. 1.4 - In Exercises 9-20, identify which of these types...Ch. 1.4 - In Exercises 9-20, identify which of these types...Ch. 1.4 - In Exercises 9-20, identify which of these types...Ch. 1.4 - In Exercises 9-20, identify which of these types...Ch. 1.4 - In Exercises 9-20, identify which of these types...Ch. 1.4 - In Exercises 9-20, identify which of these types...Ch. 1.4 - In Exercises 9-20, identify which of these types...Ch. 1.4 - In Exercises 9-20, identify which of these types...Ch. 1.4 - In Exercises 9-20, identify which of these types...Ch. 1.4 - Simple Random Samples. In Exercises 21-26,...Ch. 1.4 - Simple Random Samples. In Exercises 21-26,...Ch. 1.4 - Prob. 23BSCCh. 1.4 - Simple Random Samples. In Exercises 21-26,...Ch. 1.4 - Simple Random Samples. In Exercises 21-26,...Ch. 1.4 - Simple Random Samples. In Exercises 21-26,...Ch. 1.4 - Prob. 27BBCh. 1.4 - In Exercises 27-30, indicate whether the...Ch. 1.4 - In Exercises 27-30, indicate whether the...Ch. 1.4 - In Exercises 27-30, indicate whether the...Ch. 1.4 - In Exercises 31-34, identify which of these...Ch. 1.4 - In Exercises 31-34, identify which of these...Ch. 1.4 - Prob. 33BBCh. 1.4 - In Exercises 33-36, identify which of these...Ch. 1.4 - Blinding For the study described in Exercise 34,...Ch. 1.4 - Sample Design Literacy In Cardiovascular Effects...Ch. 1 - Chicago Bulls The numbers of the current players...Ch. 1 - Chicago Bulls Which of the following best...Ch. 1 - Earthquake Depths Data Set 16 includes depths (km)...Ch. 1 - Earthquake Depths Are the earthquake depths...Ch. 1 - Earthquake Depths Which of the following best...Ch. 1 - Earthquake Depths True or false: If you construct...Ch. 1 - Prob. 7CQQCh. 1 - Parameter and Statistic In a recent Gallup poll,...Ch. 1 - Observational Study or Experiment Are the data...Ch. 1 - 10. Statistical Significance and Practical...Ch. 1 - Walmart Stores Currently, there are 4227 Walmart...Ch. 1 - Whats Wrong? A survey sponsored by the American...Ch. 1 - Whats Wrong? A survey included 4230 responses from...Ch. 1 - Sampling Seventy-two percent of Americans squeeze...Ch. 1 - Percentages a. The labels on U-Turn protein energy...Ch. 1 - Why the Discrepancy? A Gallup poll was taken two...Ch. 1 - Statistical Significance and Practical...Ch. 1 - Marijuana Survey In a recent Pew poll of 1500...Ch. 1 - Marijuana Survey Identify the type of sampling...Ch. 1 - Marijuana Survey Exercise 8 referred to a Pew poll...Ch. 1 - For Chapter 2 through Chapter 14, the Cumulative...Ch. 1 - For Chapter 2 through Chapter 14, the Cumulative...Ch. 1 - For Chapter 2 through Chapter 14, the Cumulative...Ch. 1 - For Chapter 2 through Chapter 14, the Cumulative...Ch. 1 - Prob. 5CRECh. 1 - For Chapter 2 through Chapter 14, the Cumulative...Ch. 1 - For Chapter 2 through Chapter 14, the Cumulative...Ch. 1 - For Chapter 2 through Chapter 14, the Cumulative...Ch. 1 - For Chapter 2 through Chapter 14, the Cumulative...Ch. 1 - For Chapter 2 through Chapter 14, the Cumulative...Ch. 1 - For Chapter 2 through Chapter 14, the Cumulative...Ch. 1 - For Chapter 2 through Chapter 14, the Cumulative...Ch. 1 - Simple Random Sample In this project, we will use...Ch. 1 - Critical Thinking The concept of six degrees of...Ch. 1 - Critical Thinking The concept of six degrees of...
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