To test: The claim that the three samples are from populations with the same median . To suggest: The results about a smoker who argues that he absorbs as much nicotine as people who don’t smoke.

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Answer 1

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Definition Definition Middle value of a data set. The median divides a data set into two halves, and it also called the 50th percentile. The median is much less affected by outliers and skewed data than the mean. If the number of elements in a dataset is odd, then the middlemost element of the data arranged in ascending or descending order is the median. If the number of elements in the dataset is even, the average of the two central elements of the arranged data is the median of the set. For example, if a dataset has five items—12, 13, 21, 27, 31—the median is the third item in ascending order, or 21. If a dataset has six items—12, 13, 21, 27, 31, 33—the median is the average of the third (21) and fourth (27) items. It is calculated as follows: (21 + 27) / 2 = 24.

Chapter 13.5, Problem 10BSC

To determine

To test: The claim that the three samples are from populations with the same median.

To suggest: The results about a smoker who argues that he absorbs as much nicotine as people who don’t smoke.

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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.

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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.

Answer 2

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Definition Definition Middle value of a data set. The median divides a data set into two halves, and it also called the 50th percentile. The median is much less affected by outliers and skewed data than the mean. If the number of elements in a dataset is odd, then the middlemost element of the data arranged in ascending or descending order is the median. If the number of elements in the dataset is even, the average of the two central elements of the arranged data is the median of the set. For example, if a dataset has five items—12, 13, 21, 27, 31—the median is the third item in ascending order, or 21. If a dataset has six items—12, 13, 21, 27, 31, 33—the median is the average of the third (21) and fourth (27) items. It is calculated as follows: (21 + 27) / 2 = 24.

Chapter 13.5, Problem 10BSC

To determine

To test: The claim that the three samples are from populations with the same median.

To suggest: The results about a smoker who argues that he absorbs as much nicotine as people who don’t smoke.

Expert Solution & Answer

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Check out a sample textbook solution

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Answer 3

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Definition Definition Middle value of a data set. The median divides a data set into two halves, and it also called the 50th percentile. The median is much less affected by outliers and skewed data than the mean. If the number of elements in a dataset is odd, then the middlemost element of the data arranged in ascending or descending order is the median. If the number of elements in the dataset is even, the average of the two central elements of the arranged data is the median of the set. For example, if a dataset has five items—12, 13, 21, 27, 31—the median is the third item in ascending order, or 21. If a dataset has six items—12, 13, 21, 27, 31, 33—the median is the average of the third (21) and fourth (27) items. It is calculated as follows: (21 + 27) / 2 = 24.

Chapter 13.5, Problem 10BSC

To determine

To test: The claim that the three samples are from populations with the same median.

To suggest: The results about a smoker who argues that he absorbs as much nicotine as people who don’t smoke.

Expert Solution & Answer

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Check out a sample textbook solution

See solution

Answer 4

Question

Definition Definition Middle value of a data set. The median divides a data set into two halves, and it also called the 50th percentile. The median is much less affected by outliers and skewed data than the mean. If the number of elements in a dataset is odd, then the middlemost element of the data arranged in ascending or descending order is the median. If the number of elements in the dataset is even, the average of the two central elements of the arranged data is the median of the set. For example, if a dataset has five items—12, 13, 21, 27, 31—the median is the third item in ascending order, or 21. If a dataset has six items—12, 13, 21, 27, 31, 33—the median is the average of the third (21) and fourth (27) items. It is calculated as follows: (21 + 27) / 2 = 24.

Chapter 13.5, Problem 10BSC

To determine

To test: The claim that the three samples are from populations with the same median.

To suggest: The results about a smoker who argues that he absorbs as much nicotine as people who don’t smoke.

Expert Solution & Answer

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Answer 5

Chapter 13.5, Problem 10BSC

To determine

To test: The claim that the three samples are from populations with the same median.

To suggest: The results about a smoker who argues that he absorbs as much nicotine as people who don’t smoke.

Answer 6

Chapter 13.5, Problem 10BSC

To determine

To test: The claim that the three samples are from populations with the same median.

To suggest: The results about a smoker who argues that he absorbs as much nicotine as people who don’t smoke.

Answer 7

Chapter 13.5, Problem 10BSC

To determine

To test: The claim that the three samples are from populations with the same median.

To suggest: The results about a smoker who argues that he absorbs as much nicotine as people who don’t smoke.

Answer 8

Expert Solution & Answer

Answer 9

Expert Solution & Answer

Answer 10

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Answer 11

Ch. 13.2 - Prob. 1BSC Ch. 13.2 - Prob. 2BSC Ch. 13.2 - Prob. 3BSC Ch. 13.2 - Prob. 4BSC Ch. 13.2 - Prob. 5BSC Ch. 13.2 - Prob. 6BSC Ch. 13.2 - Prob. 7BSC Ch. 13.2 - Prob. 8BSC Ch. 13.2 - Prob. 9BSC Ch. 13.2 - Prob. 10BSC

To test: The claim that the three samples are from populations with the same median . To suggest: The results about a smoker who argues that he absorbs as much nicotine as people who don’t smoke.

Solution Summary: The author explains the null hypothesis that the three samples are from populations with the same median.

To test: The claim that the three samples are from populations with the same median.

To suggest: The results about a smoker who argues that he absorbs as much nicotine as people who don’t smoke.

Want to see the full answer?

Chapter 13 Solutions

To test: The claim that the three samples are from populations with the same median . To suggest: The results about a smoker who argues that he absorbs as much nicotine as people who don’t smoke.

Solution Summary: The author explains the null hypothesis that the three samples are from populations with the same median.

To test: The claim that the three samples are from populations with the same median. To suggest: The results about a smoker who argues that he absorbs as much nicotine as people who don’t smoke.

Want to see the full answer?

Chapter 13 Solutions

To test: The claim that the three samples are from populations with the same median.

To suggest: The results about a smoker who argues that he absorbs as much nicotine as people who don’t smoke.