Introduction To Probability And Statistics
15th Edition
ISBN: 9781337554428
Author: Mendenhall, William.
Publisher: Cengage Learning,
expand_more
expand_more
format_list_bulleted
Videos
Question
Chapter 2.3, Problem 22E
To determine
(a)
To construct the relative frequency histogram.
To determine
(b)
To explain the shape of the distribution.
To determine
(c)
To calculate the approximate value of s using the
To determine
(d)
To calculate the value of mean and standard deviation.
Expert Solution & Answer
Want to see the full answer?
Check out a sample textbook solution
Students have asked these similar questions
Could you please answer this question using excel.Thanks
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.
Calculate the correlation coefficient r, letting Row 1 represent the x-values and Row 2 the y-values. Then calculate
it again, letting Row 2 represent the x-values and Row 1 the y-values. What effect does switching the variables have
on r?
Row 1
Row 2
13
149
25
36
41
60
62
78
S
205
122
195
173
133
197
24
Calculate the correlation coefficient r, letting Row 1 represent the x-values and Row 2 the y-values.
r=0.164 (Round to three decimal places as needed.)
S
24
Chapter 2 Solutions
Introduction To Probability And Statistics
Ch. 2.1 - Measures of CenterFor the data sets in Exercises...Ch. 2.1 - Prob. 2ECh. 2.1 - Prob. 3ECh. 2.1 - Prob. 4ECh. 2.1 - Prob. 5ECh. 2.1 - Prob. 6ECh. 2.1 - Prob. 7ECh. 2.1 - Prob. 8ECh. 2.1 - Prob. 9ECh. 2.1 - Prob. 10E
Ch. 2.1 - Prob. 11ECh. 2.1 - Prob. 12ECh. 2.1 - Prob. 13ECh. 2.1 - Prob. 14ECh. 2.1 - Prob. 15ECh. 2.1 - Prob. 16ECh. 2.1 - Prob. 17ECh. 2.1 - Fortune 500 Revenues Ten of the...Ch. 2.1 - Prob. 19ECh. 2.1 - Prob. 20ECh. 2.1 - Prob. 21ECh. 2.1 - Prob. 22ECh. 2.2 - Calculating the Standard Deviation I For the data...Ch. 2.2 - Calculating the Standard Deviation I For the data...Ch. 2.2 - Calculating the Standard Deviation I For the data...Ch. 2.2 - Prob. 4ECh. 2.2 - Prob. 5ECh. 2.2 - Prob. 6ECh. 2.2 - Prob. 7ECh. 2.2 - Prob. 8ECh. 2.2 - For the data sets in Exercises 79, find the range,...Ch. 2.2 - Prob. 10ECh. 2.2 - Prob. 11ECh. 2.2 - Sleep and the College Student A group of 10...Ch. 2.2 - Gas Mileage The miles per gallon (mpg) foreach of...Ch. 2.2 - Polluted Seawater Petroleum pollution in seas...Ch. 2.2 - Prob. 15ECh. 2.3 - Approximating the Standard Deviation For the data...Ch. 2.3 - Approximating the Standard Deviation For the data...Ch. 2.3 - Prob. 3ECh. 2.3 - Prob. 4ECh. 2.3 - Prob. 5ECh. 2.3 - Data Set I A distribution of measurements is...Ch. 2.3 - Prob. 7ECh. 2.3 - Data Set I A distribution of measurements is...Ch. 2.3 - Prob. 9ECh. 2.3 - Prob. 10ECh. 2.3 - Prob. 11ECh. 2.3 - Prob. 12ECh. 2.3 - Data Set II A distribution of measurements has a...Ch. 2.3 - Prob. 14ECh. 2.3 - Prob. 15ECh. 2.3 - Prob. 16ECh. 2.3 - Prob. 17ECh. 2.3 - Prob. 18ECh. 2.3 - Prob. 19ECh. 2.3 - Breathing Rates Breathing rates for humans canbe...Ch. 2.3 - Prob. 21ECh. 2.3 - Prob. 22ECh. 2.3 - Prob. 23ECh. 2.3 - Prob. 24ECh. 2.3 - Prob. 25ECh. 2.3 - Prob. 26ECh. 2.3 - Prob. 27ECh. 2.3 - Prob. 28ECh. 2.3 - Prob. 29ECh. 2.3 - Prob. 30ECh. 2.3 - Prob. 31ECh. 2.3 - TV Commercials The mean duration of...Ch. 2.4 - z-ScoresFor the data sets in Exercises 13, find...Ch. 2.4 - z-ScoresFor the data sets in Exercises 13, find...Ch. 2.4 - z-ScoresFor the data sets in Exercises 13, find...Ch. 2.4 - Median and Quartiles For the data in Exercises 46,...Ch. 2.4 - Median and Quartiles For the data in Exercises 46,...Ch. 2.4 - Median and Quartiles For the data in Exercises 46,...Ch. 2.4 - -Number Summary and the Box Plot For each of the...Ch. 2.4 - Five-Number Summary and the Box Plot For each of...Ch. 2.4 - Five-Number Summary and the Box Plot For each of...Ch. 2.4 - Prob. 10ECh. 2.4 - z-Scores vs. Box Plots For the data sets in...Ch. 2.4 - Percentiles What are the percentiles in Exercises...Ch. 2.4 - Percentiles What are the percentiles in Exercises...Ch. 2.4 - Percentiles What are the percentiles in Exercises...Ch. 2.4 - Percentiles What are the percentiles in Exercises...Ch. 2.4 - For the data in Exercises 1617, find the sample...Ch. 2.4 - For the data in Exercises 1617, find the sample...Ch. 2.4 - €For the data in Exercises 1819, find the...Ch. 2.4 - For the data in Exercises 1819, find the...Ch. 2.4 - Prob. 20ECh. 2.4 - Prob. 21ECh. 2.4 - Presidential Vetoes The number of vetoesused by...Ch. 2.4 - Prob. 23ECh. 2.4 - Prob. 24ECh. 2.4 - Ages of Pennies Here are the ages of50 pennies,...Ch. 2.4 - Prob. 26ECh. 2 - Raisins The number of raisins in each of...Ch. 2 - Raisins, continued Refer to Exercise 1. a. Find...Ch. 2 - Prob. 3RWYLCh. 2 - Prob. 4RWYLCh. 2 - Prob. 5RWYLCh. 2 - Prob. 6RWYLCh. 2 - Prob. 7RWYLCh. 2 - Prob. 8RWYLCh. 2 - Prob. 9RWYLCh. 2 - Prob. 10RWYLCh. 2 - Prob. 11RWYLCh. 2 - Prob. 12RWYLCh. 2 - Prob. 13RWYLCh. 2 - Prob. 14RWYLCh. 2 - Prob. 15RWYLCh. 2 - Prob. 16RWYLCh. 2 - Prob. 17RWYLCh. 2 - Prob. 18RWYLCh. 2 - Prob. 19RWYLCh. 2 - Prob. 20RWYLCh. 2 - Prob. 21RWYLCh. 2 - Prob. 22RWYLCh. 2 - Prob. 23RWYLCh. 2 - Prob. 24RWYLCh. 2 - Prob. 25RWYL
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, statistics and related others by exploring similar questions and additional content below.Similar questions
- The number of initial public offerings of stock issued in a 10-year period and the total proceeds of these offerings (in millions) are shown in the table. The equation of the regression line is y = 47.109x+18,628.54. Complete parts a and b. 455 679 499 496 378 68 157 58 200 17,942|29,215 43,338 30,221 67,266 67,461 22,066 11,190 30,707| 27,569 Issues, x Proceeds, 421 y (a) Find the coefficient of determination and interpret the result. (Round to three decimal places as needed.)arrow_forwardQuestions 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.arrow_forwardUse 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…arrow_forward
- Business Discussarrow_forwardCould 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. Thanksarrow_forwardWhat 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…arrow_forward
- 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.)arrow_forwardIf, 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.)arrow_forwardQuestions 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.arrow_forward
- 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 500arrow_forwardA survey of 250250 young professionals found that two dash thirdstwo-thirds of them use their cell phones primarily for e-mail. Can you conclude statistically that the population proportion who use cell phones primarily for e-mail is less than 0.720.72? Use a 95% confidence interval. Question content area bottom Part 1 The 95% confidence interval is left bracket nothing comma nothing right bracket0.60820.6082, 0.72510.7251. As 0.720.72 is within the limits of the confidence interval, we cannot conclude that the population proportion is less than 0.720.72. (Use ascending order. Round to four decimal places as needed.)arrow_forwardI need help with this problem and an explanation of the solution for the image described below. (Statistics: Engineering Probabilities)arrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
Holt Mcdougal Larson Pre-algebra: Student Edition...AlgebraISBN:9780547587776Author:HOLT MCDOUGALPublisher:HOLT MCDOUGAL
Big Ideas Math A Bridge To Success Algebra 1: Stu...AlgebraISBN:9781680331141Author:HOUGHTON MIFFLIN HARCOURTPublisher:Houghton Mifflin Harcourt
Glencoe Algebra 1, Student Edition, 9780079039897...AlgebraISBN:9780079039897Author:CarterPublisher:McGraw Hill
Algebra: Structure And Method, Book 1AlgebraISBN:9780395977224Author:Richard G. Brown, Mary P. Dolciani, Robert H. Sorgenfrey, William L. ColePublisher:McDougal Littell
College Algebra (MindTap Course List)AlgebraISBN:9781305652231Author:R. David Gustafson, Jeff HughesPublisher:Cengage Learning
Functions and Change: A Modeling Approach to Coll...AlgebraISBN:9781337111348Author:Bruce Crauder, Benny Evans, Alan NoellPublisher:Cengage Learning
Holt Mcdougal Larson Pre-algebra: Student Edition...
Algebra
ISBN:9780547587776
Author:HOLT MCDOUGAL
Publisher:HOLT MCDOUGAL
Big Ideas Math A Bridge To Success Algebra 1: Stu...
Algebra
ISBN:9781680331141
Author:HOUGHTON MIFFLIN HARCOURT
Publisher:Houghton Mifflin Harcourt
Glencoe Algebra 1, Student Edition, 9780079039897...
Algebra
ISBN:9780079039897
Author:Carter
Publisher:McGraw Hill
Algebra: Structure And Method, Book 1
Algebra
ISBN:9780395977224
Author:Richard G. Brown, Mary P. Dolciani, Robert H. Sorgenfrey, William L. Cole
Publisher:McDougal Littell
College Algebra (MindTap Course List)
Algebra
ISBN:9781305652231
Author:R. David Gustafson, Jeff Hughes
Publisher:Cengage Learning
Functions and Change: A Modeling Approach to Coll...
Algebra
ISBN:9781337111348
Author:Bruce Crauder, Benny Evans, Alan Noell
Publisher:Cengage Learning
How to make Frequency Distribution Table / Tally Marks and Frequency Distribution Table; Author: Reenu Math;https://www.youtube.com/watch?v=i_A6RiE8tLE;License: Standard YouTube License, CC-BY
Frequency distribution table in statistics; Author: Math and Science;https://www.youtube.com/watch?v=T7KYO76DoOE;License: Standard YouTube License, CC-BY
Frequency Distribution Table for Grouped/Continuous data | Math Dot Com; Author: Maths dotcom;https://www.youtube.com/watch?v=ErnccbXQOPY;License: Standard Youtube License