Elementary Statistics
12th Edition
ISBN: 9780321836960
Author: Mario F. Triola
Publisher: PEARSON
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Chapter 3.4, Problem 10BSC
To determine
To find: The z scores that separate the unusual hip breadths from those that are usual.
To compute: The hip breadths that separate the unusual hip breadths from those that are usual.
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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.
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
A 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.)
Chapter 3 Solutions
Elementary Statistics
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Let a population consist of...Ch. 3.3 - Prob. 46BBCh. 3.4 - z Scores James Madison, the fourth President of...Ch. 3.4 - Prob. 2BSCCh. 3.4 - Prob. 3BSCCh. 3.4 - Prob. 4BSCCh. 3.4 - Prob. 5BSCCh. 3.4 - Prob. 6BSCCh. 3.4 - Prob. 7BSCCh. 3.4 - Prob. 8BSCCh. 3.4 - Prob. 9BSCCh. 3.4 - Prob. 10BSCCh. 3.4 - Usual and Unusual Values.In Exercises 9-12,...Ch. 3.4 - Usual and Unusual Values.In Exercises 9-12,...Ch. 3.4 - Prob. 13BSCCh. 3.4 - Prob. 14BSCCh. 3.4 - Comparing Values.In Exercises 13-16, use z scores...Ch. 3.4 - Prob. 16BSCCh. 3.4 - Percentiles. In Exercises 17-20, use the following...Ch. 3.4 - Prob. 18BSCCh. 3.4 - Prob. 19BSCCh. 3.4 - Prob. 20BSCCh. 3.4 - Prob. 21BSCCh. 3.4 - Prob. 22BSCCh. 3.4 - Prob. 23BSCCh. 3.4 - Prob. 24BSCCh. 3.4 - Prob. 25BSCCh. 3.4 - Prob. 26BSCCh. 3.4 - Prob. 27BSCCh. 3.4 - Prob. 28BSCCh. 3.4 - Boxplots. In Exercises 29-32, use the given data...Ch. 3.4 - Prob. 30BSCCh. 3.4 - Prob. 31BSCCh. 3.4 - Boxplots. 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