Practical Business Math Procedures with Business Math Handbook
12th Edition
ISBN: 9781259725067
Author: Jeffrey Slater, Sharon M. Wittry
Publisher: McGraw-Hill Education
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Chapter 22, Problem 20ECP
a.
To determine
The frequency distribution.
b.
To determine
To prepare: A a bar graph for the given data.
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ECON2016 Mathematical Methods of Economics II
Final Assessment
Instructions: Answer ALL the questions. Show all working
1. Solve the following Differential Equations
a) dy = x²-1; y(-1) = 1
dx y²+1
dy
b) d x + 2y = 3;
dx
c) dy-4y = 4y²
dt
d) 6dzy
dx²
dy
-5+ y = 0; y(0) = 4 y'(0) = 0
dx
[6]
[5]
[5]
[6]
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 questions 8.1.13 and 8.2.10 respectively
Chapter 22 Solutions
Practical Business Math Procedures with Business Math Handbook
Ch. 22.1 - Prob. 1PQCh. 22.1 - Prob. 1EPQCh. 22.1 - Prob. 1AHCh. 22.1 - Prob. 2AHCh. 22.1 - Prob. 3AHCh. 22.1 - Prob. 4AHCh. 22.1 - Prob. 5AHCh. 22.1 - Prob. 6AHCh. 22.1 - Prob. 7AHCh. 22.1 - Prob. 8AH
Ch. 22.1 - Prob. 9AHCh. 22.1 - Prob. 10AHCh. 22.1 - Prob. 11AHCh. 22.2 - Prob. 1PQCh. 22.2 - Prob. 2PQCh. 22.2 - Prob. 3PQCh. 22.2 - Prob. 1EPQCh. 22.2 - Prob. 2EPQCh. 22.2 - Prob. 3EPQCh. 22.2 - Prob. 1AHCh. 22.2 - Prob. 2AHCh. 22.2 - Prob. 3AHCh. 22.2 - Prob. 4AHCh. 22.2 - Prob. 5AHCh. 22.2 - Prob. 6AHCh. 22.2 - Prob. 7AHCh. 22.2 - Prob. 8AHCh. 22.2 - Prob. 9AHCh. 22.2 - Prob. 10AHCh. 22.3 - Prob. 1PQCh. 22.3 - Prob. 2PQCh. 22.3 - Prob. 3PQCh. 22.3 - Prob. 1EPQCh. 22.3 - Prob. 2EPQCh. 22.3 - Prob. 3EPQCh. 22 - Prob. 1ECPCh. 22 - Prob. 2ECPCh. 22 - Prob. 3ECPCh. 22 - Prob. 4ECPCh. 22 - Calculate the grade point average: A = 4, B = 3, C...Ch. 22 - Prob. 6ECPCh. 22 - Prob. 7ECPCh. 22 - Prob. 8ECPCh. 22 - Prob. 9ECPCh. 22 - Prob. 10ECPCh. 22 - Prob. 11ECPCh. 22 - Prob. 12ECPCh. 22 - Prob. 13ECPCh. 22 - Prob. 14ECPCh. 22 - Prob. 15ECPCh. 22 - Prob. 16ECPCh. 22 - Prob. 17ECPCh. 22 - Prob. 18ECPCh. 22 - Prob. 19ECPCh. 22 - Prob. 20ECPCh. 22 - Prob. 21ECPCh. 22 - Prob. 22ECPCh. 22 - Prob. 23ECPCh. 22 - Prob. 24ECPCh. 22 - Prob. 1OACh. 22 - Prob. 2OACh. 22 - Prob. 3OACh. 22 - Calculate the standard deviation for the following...Ch. 22 - The mean useful life of car batteries is 48...Ch. 22 - Prob. 6OACh. 22 - Prob. 7OACh. 22 - Prob. 8OACh. 22 - Prob. 9OACh. 22 - Prob. 1PTCh. 22 - Lowes counted the number of customers entering the...Ch. 22 - Prob. 3PTCh. 22 - Prob. 4PTCh. 22 - Prob. 5PTCh. 22 - Prob. 6PTCh. 22 - Prob. 7PTCh. 22 - Prob. 8PT
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