EBK COLLEGE MATHEMATICS FOR TRADES AND
10th Edition
ISBN: 8220106960301
Author: Hobbs
Publisher: PEARSON
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Chapter 3, Problem 120RE
To determine
The percentage of increase in the length of a bar of iron when it is heated.
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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.
Please type out answer
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Chapter 3 Solutions
EBK COLLEGE MATHEMATICS FOR TRADES AND
Ch. 3.1 - Mentally multiply 0.3 times 100.
Ch. 3.1 - Prob. 2LCCh. 3.1 - Prob. 1ECh. 3.1 - Prob. 2ECh. 3.1 - Prob. 3ECh. 3.1 - Prob. 4ECh. 3.1 - Prob. 5ECh. 3.1 - Prob. 6ECh. 3.1 - Prob. 7ECh. 3.1 - Change the numbers to their percent equivalents....
Ch. 3.1 - Prob. 9ECh. 3.1 - Prob. 10ECh. 3.1 - Prob. 11ECh. 3.1 - Prob. 12ECh. 3.1 - Prob. 13ECh. 3.1 - Change the numbers to their percent equivalents....Ch. 3.1 - Prob. 15ECh. 3.1 - Prob. 16ECh. 3.1 - Prob. 17ECh. 3.1 - Prob. 18ECh. 3.1 - Prob. 19ECh. 3.1 - Prob. 20ECh. 3.1 - Prob. 21ECh. 3.1 - Prob. 22ECh. 3.1 - Prob. 23ECh. 3.1 - Prob. 24ECh. 3.1 - Prob. 25ECh. 3.1 - Set Example 3 Change to decimal equivalents. Round...Ch. 3.1 - Prob. 27ECh. 3.1 - Prob. 28ECh. 3.1 - Prob. 29ECh. 3.1 - Prob. 30ECh. 3.1 - Prob. 31ECh. 3.1 - Prob. 32ECh. 3.1 - Prob. 33ECh. 3.1 - Prob. 34ECh. 3.1 - Prob. 35ECh. 3.1 - Prob. 36ECh. 3.1 - Prob. 37ECh. 3.1 - Prob. 38ECh. 3.1 - Prob. 39ECh. 3.1 - Change to mixed-decimal equivalents. 425%Ch. 3.1 - Prob. 41ECh. 3.1 - Prob. 42ECh. 3.1 - Prob. 43ECh. 3.1 - Prob. 44ECh. 3.1 - Prob. 45ECh. 3.1 - Prob. 46ECh. 3.1 - Prob. 47ECh. 3.1 - Prob. 48ECh. 3.1 - Prob. 49ECh. 3.1 - Prob. 50ECh. 3.1 - Prob. 51ECh. 3.1 - Prob. 52ECh. 3.1 - Prob. 53ECh. 3.1 - See Example 4. Change to fractional equivalents....Ch. 3.1 - Prob. 55ECh. 3.1 - Prob. 56ECh. 3.1 - Prob. 57ECh. 3.1 - Prob. 58ECh. 3.1 - Prob. 59ECh. 3.1 - Prob. 60ECh. 3.1 - Prob. 61ECh. 3.1 - Prob. 62ECh. 3.1 - Prob. 63ECh. 3.1 - Prob. 64ECh. 3.1 - Prob. 65ECh. 3.1 - Prob. 66ECh. 3.1 - Prob. 67ECh. 3.1 - Prob. 68ECh. 3.1 - Prob. 69ECh. 3.1 - Prob. 70ECh. 3.1 - Statistics from FedStats. a governmental website,...Ch. 3.2 - Prob. 1LCCh. 3.2 - Prob. 2LCCh. 3.2 - Prob. 3LCCh. 3.2 - Prob. 1ECh. 3.2 - Prob. 2ECh. 3.2 - Prob. 3ECh. 3.2 - Prob. 4ECh. 3.2 - Prob. 5ECh. 3.2 - Prob. 6ECh. 3.2 - Prob. 7ECh. 3.2 - Prob. 8ECh. 3.2 - Prob. 9ECh. 3.2 - Prob. 10ECh. 3.2 - Prob. 11ECh. 3.2 - Prob. 12ECh. 3.2 - Prob. 13ECh. 3.2 - Prob. 14ECh. 3.2 - Prob. 15ECh. 3.2 - Prob. 16ECh. 3.2 - Prob. 17ECh. 3.2 - Prob. 18ECh. 3.2 - Solve using the percentage formula. See Example 2....Ch. 3.2 - Prob. 20ECh. 3.2 - Prob. 21ECh. 3.2 - Prob. 22ECh. 3.2 - Prob. 23ECh. 3.2 - Prob. 24ECh. 3.2 - Prob. 25ECh. 3.2 - Prob. 26ECh. 3.2 - Prob. 27ECh. 3.2 - Prob. 28ECh. 3.2 - Prob. 29ECh. 3.2 - See Example 5. The Drammelonnie Department Store...Ch. 3.2 - Prob. 31ECh. 3.2 - Prob. 32ECh. 3.2 - Prob. 33ECh. 3.2 - See Example 6. A receipt from Walmart in Memphis...Ch. 3.2 - Prob. 35ECh. 3.2 - Prob. 36ECh. 3.2 - Prob. 37ECh. 3.2 - Prob. 38ECh. 3.2 - Prob. 39ECh. 3.2 - Prob. 40ECh. 3.2 - Prob. 41ECh. 3.2 - Prob. 42ECh. 3.2 - Prob. 43ECh. 3.2 - Prob. 44ECh. 3.2 - Prob. 45ECh. 3.2 - Prob. 46ECh. 3.2 - Prob. 47ECh. 3.2 - Prob. 48ECh. 3.2 - Prob. 49ECh. 3.2 - Prob. 50ECh. 3.2 - Prob. 51ECh. 3.2 - Prob. 52ECh. 3.2 - Prob. 53ECh. 3.2 - Prob. 54ECh. 3.2 - Prob. 55ECh. 3.2 - Prob. 56ECh. 3.2 - Prob. 57ECh. 3.2 - Prob. 58ECh. 3.2 - Prob. 59ECh. 3.2 - Prob. 60ECh. 3.2 - Prob. 61ECh. 3.2 - Prob. 62ECh. 3.2 - Prob. 63ECh. 3.2 - Prob. 64ECh. 3.2 - Prob. 65ECh. 3.2 - Prob. 66ECh. 3.2 - Prob. 67ECh. 3.2 - Prob. 68ECh. 3.2 - Prob. 69ECh. 3.2 - Prob. 70ECh. 3.2 - Prob. 71ECh. 3.2 - Prob. 72ECh. 3.2 - Prob. 73ECh. 3.2 - Prob. 74ECh. 3.2 - Prob. 75ECh. 3.2 - Prob. 76ECh. 3.2 - Prob. 77ECh. 3.2 - Prob. 78ECh. 3.2 - Prob. 79ECh. 3.2 - Prob. 80ECh. 3.2 - Prob. 81ECh. 3.2 - Prob. 82ECh. 3.2 - Prob. 83ECh. 3.2 - Prob. 84ECh. 3.2 - Prob. 85ECh. 3.2 - Prob. 86ECh. 3.2 - Prob. 87ECh. 3.2 - Prob. 88ECh. 3.2 - Prob. 89ECh. 3.2 - Prob. 90ECh. 3.2 - Prob. 91ECh. 3.2 - Prob. 92ECh. 3.2 - Prob. 93ECh. 3.2 - Prob. 94ECh. 3.2 - Prob. 95ECh. 3.2 - Prob. 96ECh. 3.2 - Prob. 97ECh. 3.2 - Prob. 98ECh. 3.2 - Prob. 99ECh. 3.2 - Prob. 100ECh. 3.2 - Prob. 101ECh. 3.2 - Prob. 102ECh. 3.2 - Prob. 103ECh. 3.2 - Prob. 104ECh. 3.2 - Prob. 105ECh. 3.2 - Prob. 106ECh. 3.2 - Prob. 107ECh. 3.2 - Prob. 108ECh. 3.2 - Prob. 109ECh. 3.2 - Prob. 110ECh. 3.2 - Prob. 111ECh. 3.2 - Prob. 112ECh. 3.2 - Prob. 113ECh. 3.2 - Prob. 114ECh. 3.2 - Home heat loss through poor-fitting doors and...Ch. 3.2 - Prob. 116ECh. 3.2 - Prob. 117ECh. 3.2 - Prob. 118ECh. 3.2 - Prob. 119ECh. 3.2 - Prob. 120ECh. 3.3 - Prob. 1LCCh. 3.3 - Prob. 2LCCh. 3.3 - Prob. 1ECh. 3.3 - Prob. 2ECh. 3.3 - See Example 3.
Find the amount of increase if 432...Ch. 3.3 - Prob. 4ECh. 3.3 - See Example 3.
Jobs as athletic trainers totaled...Ch. 3.3 - See Example 3.
In 2010, the number of jobs as...Ch. 3.3 - See Example 4.
Find the amount of decrease if 68...Ch. 3.3 - See Example 4.
If 135 is decreased by 75%, what is...Ch. 3.3 - See Example 5.
If 17% extra flooring is needed to...Ch. 3.3 - See Example 5.
A contractor needs 1,650 board feet...Ch. 3.3 - See Example 5.
When making an estimate on a job, a...Ch. 3.3 - See Example 5.
A construction company requires...Ch. 3.3 - See Example 5.
Ciara Walker was earning $49,860...Ch. 3.3 - See Example 5.
LaTreas Walker received a 3% salary...Ch. 3.3 - See Example 6.
Steel rods shrink 10% when cooled...Ch. 3.3 - See Example 6.
Rock must be removed from a highway...Ch. 3.3 - See Example 6.
David Dawson earned $4,290 but paid...Ch. 3.3 - Megan Anders purchased a swimsuit that was priced...Ch. 3.3 - Prob. 19ECh. 3.3 - Prob. 20ECh. 3.3 - Prob. 21ECh. 3.3 - Prob. 22ECh. 3.3 - Find the complement of 86.3%.
Ch. 3.3 - Prob. 24ECh. 3.3 - Prob. 25ECh. 3.3 - Prob. 26ECh. 3.3 - Prob. 27ECh. 3.3 - Prob. 28ECh. 3.3 - Prob. 29ECh. 3.3 - Prob. 30ECh. 3.3 - Solve. See Example 10.
A chicken farmer bought...Ch. 3.3 - Solve. See Example 10.
An electrician recorded...Ch. 3.3 - Prob. 33ECh. 3.3 - Solve. See Example 10.
The cost of No. 1 pine...Ch. 3.3 - Solve. See Example 10.
A month’s supply of...Ch. 3.3 - See Example 11.
A contractor ordered 10.5 yd3 of...Ch. 3.3 - See Example 11.
An engine that has a 4% loss of...Ch. 3.3 - See Example 11.
A shop manager records a 14% loss...Ch. 3.3 - See Example 11.
Steel bars shrink 10% when cooled...Ch. 3.3 - See Example 11.
A 141-hp output is required for an...Ch. 3 - Change to percent equivalents. 0.7Ch. 3 - Change to percent equivalents. 0.35Ch. 3 - Prob. 3RECh. 3 - Prob. 4RECh. 3 - Prob. 5RECh. 3 - Prob. 6RECh. 3 - Prob. 7RECh. 3 - Prob. 8RECh. 3 - Prob. 9RECh. 3 - Prob. 10RECh. 3 - Prob. 11RECh. 3 - Prob. 12RECh. 3 - Prob. 13RECh. 3 - Prob. 14RECh. 3 - Prob. 15RECh. 3 - Prob. 16RECh. 3 - Prob. 17RECh. 3 - Prob. 18RECh. 3 - Prob. 19RECh. 3 - Prob. 20RECh. 3 - Prob. 21RECh. 3 - Prob. 22RECh. 3 - Prob. 23RECh. 3 - Prob. 24RECh. 3 - Prob. 25RECh. 3 - Prob. 26RECh. 3 - Prob. 27RECh. 3 - Prob. 28RECh. 3 - Prob. 29RECh. 3 - Prob. 30RECh. 3 - Prob. 31RECh. 3 - Prob. 32RECh. 3 - Prob. 33RECh. 3 - Prob. 34RECh. 3 - Prob. 35RECh. 3 - Prob. 36RECh. 3 - Prob. 37RECh. 3 - Prob. 38RECh. 3 - Prob. 39RECh. 3 - Prob. 40RECh. 3 - Prob. 41RECh. 3 - Prob. 42RECh. 3 - Prob. 43RECh. 3 - Solve using the percentage formula.
of 576 is...Ch. 3 - Prob. 45RECh. 3 - Prob. 46RECh. 3 - Prob. 47RECh. 3 - Prob. 48RECh. 3 - Prob. 49RECh. 3 - Prob. 50RECh. 3 - Prob. 51RECh. 3 - Prob. 52RECh. 3 - Prob. 53RECh. 3 - Prob. 54RECh. 3 - Solve using the percentage proportion.
24% of is...Ch. 3 - Solve using the percentage proportion.
7.56 is of...Ch. 3 - Prob. 57RECh. 3 - Prob. 58RECh. 3 - Prob. 59RECh. 3 - Prob. 60RECh. 3 - Prob. 61RECh. 3 - Prob. 62RECh. 3 - Prob. 63RECh. 3 - Prob. 64RECh. 3 - Prob. 65RECh. 3 - Prob. 66RECh. 3 - Prob. 67RECh. 3 - Prob. 68RECh. 3 - Prob. 69RECh. 3 - Prob. 70RECh. 3 - Prob. 71RECh. 3 - Prob. 72RECh. 3 - Prob. 73RECh. 3 - Prob. 74RECh. 3 - Prob. 75RECh. 3 - Prob. 76RECh. 3 - Prob. 77RECh. 3 - Prob. 78RECh. 3 - Prob. 79RECh. 3 - Prob. 80RECh. 3 - Prob. 81RECh. 3 - Prob. 82RECh. 3 - Prob. 83RECh. 3 - Prob. 84RECh. 3 - Prob. 85RECh. 3 - Prob. 86RECh. 3 - Prob. 87RECh. 3 - Prob. 88RECh. 3 - Prob. 89RECh. 3 - Prob. 90RECh. 3 - Prob. 91RECh. 3 - Prob. 92RECh. 3 - Prob. 93RECh. 3 - Prob. 94RECh. 3 - Prob. 95RECh. 3 - Prob. 96RECh. 3 - Prob. 97RECh. 3 - Prob. 98RECh. 3 - Prob. 99RECh. 3 - Prob. 100RECh. 3 - Prob. 101RECh. 3 - Prob. 102RECh. 3 - Prob. 103RECh. 3 - Prob. 104RECh. 3 - Prob. 105RECh. 3 - Prob. 106RECh. 3 - Prob. 107RECh. 3 - Prob. 108RECh. 3 - Prob. 109RECh. 3 - Prob. 110RECh. 3 - Find the complement of 92%
Ch. 3 - A washing machine that sells for $389 is on sale...Ch. 3 - Prob. 113RECh. 3 - Prob. 114RECh. 3 - Prob. 115RECh. 3 - Prob. 116RECh. 3 - Prob. 117RECh. 3 - Prob. 118RECh. 3 - Prob. 119RECh. 3 - Prob. 120RECh. 3 - Prob. 121RECh. 3 - Prob. 122RECh. 3 - Prob. 123RECh. 3 - Prob. 124RECh. 3 - Prob. 125RECh. 3 - Prob. 126RECh. 3 - Prob. 127RECh. 3 - Prob. 128RECh. 3 - Prob. 129RECh. 3 - Prob. 130RECh. 3 - Prob. 131RECh. 3 - Prob. 132RECh. 3 - Prob. 1CACh. 3 - Prob. 2CACh. 3 - Prob. 3CACh. 3 - Prob. 4CACh. 3 - Prob. 5CACh. 3 - Prob. 6CACh. 3 - Prob. 7CACh. 3 - Prob. 8CACh. 3 - Prob. 9CACh. 3 - Prob. 10CACh. 3 - Prob. 11CACh. 3 - Prob. 12CACh. 3 - Prob. 13CACh. 3 - Prob. 14CACh. 3 - Prob. 15CACh. 3 - Prob. 1PTCh. 3 - Prob. 2PTCh. 3 - Prob. 3PTCh. 3 - Prob. 4PTCh. 3 - Prob. 5PTCh. 3 - Prob. 6PTCh. 3 - Prob. 7PTCh. 3 - Prob. 8PTCh. 3 - Prob. 9PTCh. 3 - Prob. 10PTCh. 3 - Prob. 11PTCh. 3 - Prob. 12PTCh. 3 - Prob. 13PTCh. 3 - Prob. 14PTCh. 3 - Prob. 15PTCh. 3 - Prob. 16PTCh. 3 - Prob. 17PTCh. 3 - Prob. 18PTCh. 3 - Prob. 19PTCh. 3 - Prob. 20PTCh. 3 - Prob. 21PTCh. 3 - Prob. 22PTCh. 3 - Prob. 23PTCh. 3 - Prob. 24PTCh. 3 - Prob. 25PTCh. 3 - Prob. 26PTCh. 3 - Prob. 27PTCh. 3 - Prob. 28PTCh. 3 - Prob. 29PTCh. 3 - Prob. 30PTCh. 3 - Prob. 31PTCh. 3 - Prob. 32PTCh. 3 - Prob. 1CPTCh. 3 - Prob. 2CPTCh. 3 - Prob. 3CPTCh. 3 - Prob. 4CPTCh. 3 - Prob. 5CPTCh. 3 - Prob. 6CPTCh. 3 - Prob. 7CPTCh. 3 - Prob. 8CPTCh. 3 - Prob. 9CPTCh. 3 - Prob. 10CPTCh. 3 - Prob. 11CPTCh. 3 - Prob. 12CPTCh. 3 - Prob. 13CPTCh. 3 - Prob. 14CPTCh. 3 - Prob. 15CPTCh. 3 - Prob. 16CPTCh. 3 - Prob. 17CPTCh. 3 - Prob. 18CPTCh. 3 - Prob. 19CPTCh. 3 - Prob. 20CPTCh. 3 - Prob. 21CPTCh. 3 - Prob. 22CPTCh. 3 - Prob. 23CPTCh. 3 - Prob. 24CPTCh. 3 - Prob. 25CPTCh. 3 - Prob. 26CPTCh. 3 - Prob. 27CPTCh. 3 - Prob. 28CPTCh. 3 - Prob. 29CPTCh. 3 - Prob. 30CPTCh. 3 - Prob. 31CPTCh. 3 - Prob. 32CPTCh. 3 - Prob. 33CPTCh. 3 - To calculate the percent of protein in pet food on...Ch. 3 - Prob. 35CPT
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