Chapter 14, Problem 1CRE

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.

Use the accompanying Grade Point Averages data to find 80%,85​%, and 99%confidence intervals for the mean GPA.   view the Grade Point Averages data. Gender    College    GPAFemale    Arts and Sciences    3.21Male    Engineering    3.87Female    Health Science    3.85Male    Engineering    3.20Female    Nursing    3.40Male    Engineering    3.01Female    Nursing    3.48Female    Nursing    3.26Female    Arts and Sciences    3.50Male    Engineering    3.00Female    Arts and Sciences    3.13Female    Nursing    3.34Female    Nursing    3.67Female    Education    3.45Female    Engineering    3.17Female    Health Science    3.28Female    Nursing    3.25Male    Engineering    3.72Female    Arts and Sciences    2.68Female    Nursing    3.40Female    Health Science    3.76Female    Arts and Sciences    3.72Female    Education    3.44Female    Arts and Sciences    3.61Female    Education    3.29Female    Nursing    3.20Female    Education    3.80Female    Business    3.26Male…

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Could you please answer this question using excel. For 1a) I got 84.75 and for part 1b) I got 85.33 and was wondering if you could check if my answers were correct. Thanks

What is one sample T-test? Give an example of business application of this test? What is Two-Sample T-Test. Give an example of business application of this test? .What is paired T-test. Give an example of business application of this test? What is one way ANOVA test. Give an example of business application of this test? 1. One Sample T-Test: Determine whether the average satisfaction rating of customers for a product is significantly different from a hypothetical mean of 75.  (Hints: The null can be about maintaining status-quo or no difference; If your alternative hypothesis is non-directional (e.g., μ≠75), you should use the two-tailed p-value from excel file to make a decision about rejecting or not rejecting null. If alternative is directional (e.g., μ < 75), you should use the lower-tailed p-value. For alternative hypothesis μ > 75, you should use the upper-tailed p-value.)   H0 =   H1=   Conclusion: The p value from one sample t-test is _______. Since the two-tailed p-value…

Using the accompanying Accounting Professionals data to answer the following questions.   a. Find and interpret a 90​% confidence interval for the mean years of service. b. Find and interpret a 90​% confidence interval for the proportion of employees who have a graduate degree.    view the Accounting Professionals data. Employee    Years of Service    Graduate Degree?1    26    Y2    8    N3    10    N4    6    N5    23    N6    5    N7    8    Y8    5    N9    26    N10    14    Y11    10    N12    8    Y13    7    Y14    27    N15    16    Y16    17    N17    21    N18    9    Y19    9    N20    9    N     Question content area bottom Part 1 a. A 90​% confidence interval for the mean years of service is   ​(Use ascending order. Round to two decimal places as​ needed.)

​If, based on a sample size of 900​,a political candidate finds that 509people would vote for him in a​ two-person race, what is the 95​%confidence interval for his expected proportion of the​ vote? Would he be confident of winning based on this​ poll?       Question content area bottom Part 1 A 9595​% confidence interval for his expected proportion of the vote is   ​(Use ascending order. Round to four decimal places as​ needed.)

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.

A population that is uniformly distributed between a=0and b=10 is given in sample sizes ​50(   ​), ​100(   ​), ​250(   ​), and ​500(   ​). Find the sample mean and the sample standard deviations for the given data. Compare your results to the average of means for a sample of size​ 10, and use the empirical rules to analyze the sampling error. For each​ sample, also find the standard error of the mean using formula given below.   Standard Error of the Mean =sigma/Root  Complete the following table with the results from the sampling experiment. ​(Round to four decimal places as​ needed.) Sample Size Average of 8 Sample Means Standard Deviation of 8 Sample Means Standard Error 50       100       250       500