
USING+UNDERSTAND MATH W/MATHLABPLUS >I
15th Edition
ISBN: 9781269927116
Author: Bennett
Publisher: PEARSON
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Chapter 3.C, Problem 62E
To determine
The significant value of total tax revenue in a city of households with the help of rounding rule of multiplication and division. It is also given that the average property taxes is .
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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
survey of
5050
young professionals found that they spent an average of
$20.5620.56
when dining out, with a standard deviation of
$11.4111.41.
Can you conclude statistically that the population mean is greater than
$2323?
Use a 95% confidence interval.
Question content area bottom
Part 1
The 95% confidence interval is
left bracket nothing comma nothing right bracketenter your response here, enter your response here.
As
$2323
is
▼
of the confidence interval, we
▼
can
cannot
conclude that the population mean is greater than
$2323.
(Use ascending order. Round to four decimal places as needed.)
Chapter 3 Solutions
USING+UNDERSTAND MATH W/MATHLABPLUS >I
Ch. 3.A - Prob. 1QQCh. 3.A - The population of a town increases from 50,000 to...Ch. 3.A - Suppose the value of a home changed by -20% over...Ch. 3.A - Emily scored 50% higher on the SAT than Joshua....Ch. 3.A - The price of a movie ticket increased from $10 to...Ch. 3.A - Your receipt shows that you paid $47.96 for a new...Ch. 3.A - Consider the statement “The interest rate on auto...Ch. 3.A - A friend has a textbook that originally cost $150....Ch. 3.A - You currently earn $1000 per month, but you are...Ch. 3.A - During high school, Elise won 30% of the swim...
Ch. 3.A - Describe the three basic uses of percentages. Give...Ch. 3.A - Distinguish between absolute and relative change....Ch. 3.A - Distinguish between absolute and relative...Ch. 3.A - Explain the difference between the key words of...Ch. 3.A - Explain the difference between the terms percent...Ch. 3.A - 6. Give an example to explain why, in general, it...Ch. 3.A - In many European countries, the percentage change...Ch. 3.A - The price of tuition has tripled since my parents...Ch. 3.A - Prob. 9ECh. 3.A - I’ve decreased my caloric intake by 125% which has...Ch. 3.A - If you earn 20% more than I do, then I must earn...Ch. 3.A - If they raise taxes by 10% every year, in a decade...Ch. 3.A - We found that these rare cancers were 700% more...Ch. 3.A - Prob. 14ECh. 3.A - The rate of return on our fund increased by 50%,...Ch. 3.A - My bank increased the interest rate on my savings...Ch. 3.A - Prob. 17ECh. 3.A - Prob. 18ECh. 3.A - Prob. 19ECh. 3.A - Prob. 20ECh. 3.A - Fractions, Decimals, Percentages. Express the...Ch. 3.A - Prob. 22ECh. 3.A - Prob. 23ECh. 3.A - Prob. 24ECh. 3.A - Fractions, Decimals, Percentages. Express the...Ch. 3.A - Fractions, Decimals, Percentages. Express the...Ch. 3.A - Prob. 27ECh. 3.A - Prob. 28ECh. 3.A - Fractions, Decimals, Percentages. Express the...Ch. 3.A - Prob. 30ECh. 3.A - Prob. 31ECh. 3.A - Prob. 32ECh. 3.A - Prob. 33ECh. 3.A - Prob. 34ECh. 3.A - Prob. 35ECh. 3.A - Prob. 36ECh. 3.A - Prob. 37ECh. 3.A - Prob. 38ECh. 3.A - Compare the following pairs of numbers A and B in...Ch. 3.A - Compare the following pairs of numbers A and B in...Ch. 3.A - Prob. 41ECh. 3.A - Prob. 42ECh. 3.A - Percentages as Fractions. In the following...Ch. 3.A - Prob. 44ECh. 3.A - Percentages as Fractions. In the following...Ch. 3.A - Prob. 46ECh. 3.A - Prob. 47ECh. 3.A - Prob. 48ECh. 3.A - Salary Comparisons. Clint’s salary increased from...Ch. 3.A - Population Comparison. Between the 2010 U.S....Ch. 3.A - Percentage change. Find the absolute change and...Ch. 3.A - Percentage Change. Find the absolute change and...Ch. 3.A - Percentage Change. Find the absolute change and...Ch. 3.A - Percentage Change. Find the absolute change and...Ch. 3.A - Percentage Comparisons. Complete the following...Ch. 3.A - Percentage Comparisons. Complete the following...Ch. 3.A - Percentage Comparisons. Complete the following...Ch. 3.A - Percentage Comparisons. Complete the following...Ch. 3.A - Percentage Comparisons. Complete the following...Ch. 3.A - Percentage Comparisons. Complete the following...Ch. 3.A - Of versus More Than. Fill in the blanks in the...Ch. 3.A - Of versus More Than. Fill in the blanks in the...Ch. 3.A - Of versus More Than. Fill in the blanks in the...Ch. 3.A - Prob. 64ECh. 3.A - Prices and sales. Fill the blanks in the following...Ch. 3.A - Prob. 66ECh. 3.A - Prices and sales. Fill the blanks in the following...Ch. 3.A - Prob. 68ECh. 3.A - Prob. 69ECh. 3.A - Prob. 70ECh. 3.A - Prob. 71ECh. 3.A - Prob. 72ECh. 3.A - Care in Wording. Assume that 30% of city employees...Ch. 3.A - Ambiguous News. The average annual precipitation...Ch. 3.A - Solving Percentage Problems. Solve the following...Ch. 3.A - Prob. 76ECh. 3.A - Solving Percentage Problems. Solve the following...Ch. 3.A - Prob. 78ECh. 3.A - Prob. 79ECh. 3.A - Prob. 80ECh. 3.A - Shifting Reference Value. State whether the...Ch. 3.A - Prob. 82ECh. 3.A - Prob. 83ECh. 3.A - Prob. 84ECh. 3.A - Prob. 85ECh. 3.A - Prob. 86ECh. 3.A - Is it Possible? Determine whether the following...Ch. 3.A - Prob. 88ECh. 3.A - Average Percentages. You are a teacher. Your...Ch. 3.A - Prob. 90ECh. 3.A - Prob. 91ECh. 3.A - Prob. 92ECh. 3.A - Prob. 93ECh. 3.A - Prob. 94ECh. 3.A - Prob. 95ECh. 3.A - Prob. 96ECh. 3.A - Solving Percentage Problems. Solve the following...Ch. 3.A - 95-100 Solving Percentage Problems. Solve the...Ch. 3.A - Solving Percentage Problems. Solve the following...Ch. 3.A - Solving Percentage Problems. Solve the following...Ch. 3.A - Percentages in the News. Answer the question that...Ch. 3.A - Prob. 102ECh. 3.A - Percentages in the News. Answer the question that...Ch. 3.A - Prob. 104ECh. 3.A - Prob. 105ECh. 3.A - Prob. 106ECh. 3.A - Prob. 107ECh. 3.A - 108. Stock Market Losses.
a. The largest...Ch. 3.A - Percentages. Find three recent news reports that...Ch. 3.A - Percentage Change. Find a recent news report that...Ch. 3.A - Prob. 111ECh. 3.B - Prob. 1QQCh. 3.B - Prob. 2QQCh. 3.B - Prob. 3QQCh. 3.B - 4. You are asked to estimate the total amount of...Ch. 3.B - 5. You are wondering how many dollar bills you’d...Ch. 3.B - 6. You are given some data and asked to calculate...Ch. 3.B - Prob. 7QQCh. 3.B - Prob. 8QQCh. 3.B - Prob. 9QQCh. 3.B - A lottery ticket on which the odds of winning are...Ch. 3.B - Briefly describe scientific notation. How is it...Ch. 3.B - Prob. 2ECh. 3.B - Prob. 3ECh. 3.B - Explain how we can use comparisons to put numbers...Ch. 3.B - 5. Describe three common ways of expressing the...Ch. 3.B - 6. Explain how we can use scaling to put numbers...Ch. 3.B - 7. Suppose that the Sun were the size of a...Ch. 3.B - 8. Describe several ways of putting each of the...Ch. 3.B - Prob. 9ECh. 3.B - I’ve seen about commercials on TV.Ch. 3.B - I live in an apartment building that is 200 feet...Ch. 3.B - In total, Americans spend about a billion dollars...Ch. 3.B - After a recent NFL football game, the star player...Ch. 3.B - The CEO of the company earned more money last year...Ch. 3.B - Prob. 15ECh. 3.B - Prob. 16ECh. 3.B - Prob. 17ECh. 3.B - Review of Scientific Notation. In the following...Ch. 3.B - Prob. 19ECh. 3.B - Prob. 20ECh. 3.B - Prob. 21ECh. 3.B - Prob. 22ECh. 3.B - Using Scientific Notation. Rewrite the following...Ch. 3.B - Prob. 24ECh. 3.B - 23-26: Using Scientific Notation. Rewrite the...Ch. 3.B - Prob. 26ECh. 3.B - Prob. 27ECh. 3.B - Prob. 28ECh. 3.B - 29-32: Perspective Through Estimation. Use...Ch. 3.B - Prob. 30ECh. 3.B - Prob. 31ECh. 3.B - Prob. 32ECh. 3.B - Prob. 33ECh. 3.B - Prob. 34ECh. 3.B - Prob. 35ECh. 3.B - 33-40: Order of Magnitude Estimates. Make order of...Ch. 3.B - Prob. 37ECh. 3.B - Prob. 38ECh. 3.B - Prob. 39ECh. 3.B - Prob. 40ECh. 3.B - Prob. 41ECh. 3.B - 41-48: Energy Comparisons. Use Table 3.1 to answer...Ch. 3.B - 41-48: Energy Comparisons. Use Table 3.1 to answer...Ch. 3.B - 41-48: Energy Comparisons. Use Table 3.1 to answer...Ch. 3.B - Prob. 45ECh. 3.B - Prob. 46ECh. 3.B - Prob. 47ECh. 3.B - Prob. 48ECh. 3.B - Prob. 49ECh. 3.B - Scale Ratios. Find the scale ratios for the...Ch. 3.B - Scale Ratios. Find the scale ratios for the...Ch. 3.B - Prob. 52ECh. 3.B - Scale Model Solar System. The following table...Ch. 3.B - 54. Interstellar Travel. The fastest spaceships...Ch. 3.B - Prob. 55ECh. 3.B - Prob. 56ECh. 3.B - Prob. 57ECh. 3.B - Making Numbers Understandable. Restate the...Ch. 3.B - Prob. 59ECh. 3.B - Making Numbers Understandable. Restate the...Ch. 3.B - Prob. 61ECh. 3.B - Prob. 62ECh. 3.B - Prob. 63ECh. 3.B - Prob. 64ECh. 3.B - Cells in the Human Body. Estimates of the number...Ch. 3.B - Emissions. For every gallon of gasoline burned by...Ch. 3.B - Prob. 67ECh. 3.B - Wood for Energy? A total of about 180,000...Ch. 3.B - Stellar Corpses: White Dwarfs and Neutron Stars. A...Ch. 3.B - Until the Sun Dies. It took 65 million years from...Ch. 3.B - Personal Consumption. The Bureaus of Economic...Ch. 3.B - Sampling Problems. Sampling techniques can be used...Ch. 3.B - Prob. 73ECh. 3.B - 72 – 75 : Sampling Problems. Sampling techniques...Ch. 3.B - Sampling Problems. Sampling techniques can be used...Ch. 3.B - 76. Energy Comparisons. Using data available from...Ch. 3.B - Prob. 77ECh. 3.B - Prob. 78ECh. 3.B - Prob. 79ECh. 3.B - Prob. 80ECh. 3.B - Prob. 81ECh. 3.B - Putting Numbers in Perspective. Find at least two...Ch. 3.B - Prob. 83ECh. 3.C - The $5.6 trillion surplus that government...Ch. 3.C - Under the standard rules for counting significant...Ch. 3.C - Under the standard rules for counting significant...Ch. 3.C - You are trying to measure the outside temperature...Ch. 3.C - You are trying to measure the outside temperature...Ch. 3.C - A testing service makes a error that causes all...Ch. 3.C - A testing service makes an error that causes all...Ch. 3.C - A digital scale shows that you weigh 112.7 pounds,...Ch. 3.C - At a particular moment, the U.S. National Debt...Ch. 3.C - Prob. 10QQCh. 3.C - Prob. 1ECh. 3.C - Prob. 2ECh. 3.C - Prob. 3ECh. 3.C - Distinguish between accuracy and precision. Give...Ch. 3.C - Why can it be misleading to give measurements with...Ch. 3.C - Prob. 6ECh. 3.C - Next year’s federal deficit will be $675.34...Ch. 3.C - In many developing nations, official estimates of...Ch. 3.C - I weigh 110.3627 pounds.Ch. 3.C - The 2013 presidential inauguration brought 925,500...Ch. 3.C - Wilma used a yard stick to measure the length of...Ch. 3.C - More precision is useless if the measurement is...Ch. 3.C - 13. A $1 million error may sound like a lot, but...Ch. 3.C - Prob. 14ECh. 3.C - Prob. 15ECh. 3.C - Review of Rounding. In the following exercises,...Ch. 3.C - Counting Significant Digits. State the number of...Ch. 3.C - Counting Significant Digits. State the number of...Ch. 3.C - Counting Significant Digits. State the number of...Ch. 3.C - Prob. 20ECh. 3.C - 17-28: Counting Significant Digits. State the...Ch. 3.C - Prob. 22ECh. 3.C - Prob. 23ECh. 3.C - Prob. 24ECh. 3.C - Prob. 25ECh. 3.C - Prob. 26ECh. 3.C - Prob. 27ECh. 3.C - 17-28: Counting Significant Digits. State the...Ch. 3.C - Prob. 29ECh. 3.C - Rounding with Significant Digits. Carry out the...Ch. 3.C - Prob. 31ECh. 3.C - Prob. 32ECh. 3.C - Prob. 33ECh. 3.C - Prob. 34ECh. 3.C - Source of Error. Describe possible source of...Ch. 3.C - Prob. 36ECh. 3.C - Source of Error. Describe possible source of...Ch. 3.C - Source of Error. Describe possible source of...Ch. 3.C - Prob. 39ECh. 3.C - 35-42: Source of Error. Describe possible source...Ch. 3.C - Prob. 41ECh. 3.C - Source of Error. Describe possible source of...Ch. 3.C - Tax Audit. A tax auditor reviewing a tax return...Ch. 3.C - AIDS Epidemic. Researchers studying the...Ch. 3.C - Prob. 45ECh. 3.C - Cutting Lumber. A lumber yard employee cuts 30...Ch. 3.C - Prob. 47ECh. 3.C - Absolute and Relative Errors. Find the absolute...Ch. 3.C - Absolute and Relative Errors. Find the absolute...Ch. 3.C - Absolute and Relative Errors. Find the absolute...Ch. 3.C - Prob. 51ECh. 3.C - Prob. 52ECh. 3.C - Prob. 53ECh. 3.C - 47-54: Absolute and Relative Errors. Find the...Ch. 3.C - Prob. 55ECh. 3.C - Accuracy and Precision. For each pair of...Ch. 3.C - Prob. 57ECh. 3.C - Accuracy and Precision. For each pair of...Ch. 3.C - Combining Numbers. Use the appropriate rounding...Ch. 3.C - Combining Numbers. Use the appropriate rounding...Ch. 3.C - Combining Numbers. Use the appropriate rounding...Ch. 3.C - Prob. 62ECh. 3.C - Prob. 63ECh. 3.C - 59-66: Combining Numbers. Use the appropriate...Ch. 3.C - Combining Numbers. Use the appropriate rounding...Ch. 3.C - Prob. 66ECh. 3.C - Prob. 67ECh. 3.C - Prob. 68ECh. 3.C - Prob. 69ECh. 3.C - Prob. 70ECh. 3.C - Prob. 71ECh. 3.C - Prob. 72ECh. 3.C - Prob. 73ECh. 3.C - Prob. 74ECh. 3.C - 75. Propagation of Error. Suppose you want to cut...Ch. 3.C - Prob. 76ECh. 3.C - 77. Random and Systematic Errors. Find a recent...Ch. 3.C - Prob. 78ECh. 3.C - Prob. 79ECh. 3.C - Prob. 80ECh. 3.D - Prob. 1QQCh. 3.D - Prob. 2QQCh. 3.D - Prob. 3QQCh. 3.D - Prob. 4QQCh. 3.D - Prob. 5QQCh. 3.D - Prob. 6QQCh. 3.D - 7. Over the past three decades, the cost of...Ch. 3.D - Suppose your salary has been rising at a greater...Ch. 3.D - Prob. 9QQCh. 3.D - Prob. 10QQCh. 3.D - Prob. 1ECh. 3.D - What is the Consumer Price Index (CPI)? How is it...Ch. 3.D - Prob. 3ECh. 3.D - Prob. 4ECh. 3.D - Prob. 5ECh. 3.D - Even though my salary has remained the same for...Ch. 3.D - Benjamin Franklin said, “A penny saved is a penny...Ch. 3.D - The prices of cars have risen steadily, but when...Ch. 3.D - 9. When we chart today’s price of milk in 1995...Ch. 3.D - 10. The Consumer Price Index is a theoretical...Ch. 3.D - Prob. 11ECh. 3.D - Prob. 12ECh. 3.D - Prob. 13ECh. 3.D - Prob. 14ECh. 3.D - Gasoline Price Index. Use Table 3.2 to answer the...Ch. 3.D - Gasoline Price Index. Use Table 3.2 to answer the...Ch. 3.D - Prob. 17ECh. 3.D - Prob. 18ECh. 3.D - Prob. 19ECh. 3.D - Prob. 20ECh. 3.D - Understanding the CPI. Use Table 3.4 to answer the...Ch. 3.D - Prob. 22ECh. 3.D - Prob. 23ECh. 3.D - 17-26: Understanding the CPI. Use Table 3.4 to...Ch. 3.D - 17-26: Understanding the CPI. Use Table 3.4 to...Ch. 3.D - Understanding the CPI. Use Table 3.4 to answer the...Ch. 3.D - Prob. 27ECh. 3.D - Prob. 28ECh. 3.D - Prob. 29ECh. 3.D - Prob. 30ECh. 3.D - Health Care Spending. Total spending on health...Ch. 3.D - Prob. 32ECh. 3.D - Prob. 33ECh. 3.D - Prob. 34ECh. 3.D - Prob. 35ECh. 3.D - Federal Minimum Wage. Use the following table,...Ch. 3.D - Prob. 37ECh. 3.D - Prob. 38ECh. 3.D - Federal Minimum Wage. Use the following table,...Ch. 3.D - Prob. 40ECh. 3.D - Prob. 41ECh. 3.D - Prob. 42ECh. 3.D - Fan Cost Index. The cost of attending a major...Ch. 3.D - Prob. 44ECh. 3.D - Consumer Price Index. Find a recent news report...Ch. 3.D - Prob. 46ECh. 3.D - Consumer Confidence Index. Use a search engine to...Ch. 3.D - Prob. 48ECh. 3.D - Prob. 49ECh. 3.D - Prob. 50ECh. 3.D - Prob. 51ECh. 3.D - Prob. 52ECh. 3.D - Prob. 53ECh. 3.D - Prob. 54ECh. 3.D - Prob. 55ECh. 3.E - Study Table 3.5. What does the number “8” in the...Ch. 3.E - Study Table 3.5. Which statement is not supported...Ch. 3.E - During their freshman year, Derek’s GPA was 3.4...Ch. 3.E - A false negative in a cancer screening test means...Ch. 3.E - A false positive in a test for steroids means that...Ch. 3.E - Study Table 3.7. The total number of women who did...Ch. 3.E - Study Table 3.7. The total number of women whose...Ch. 3.E - Suppose that a home pregnancy test is 99%...Ch. 3.E - Study the graph in Figure 3.5a. Which of the...Ch. 3.E - Study the graph in Figure 3.5b. Which of the...Ch. 3.E - Prob. 1ECh. 3.E - Prob. 2ECh. 3.E - Prob. 3ECh. 3.E - Prob. 4ECh. 3.E - Despite the fact that the new drug lowered blood...Ch. 3.E - Prob. 6ECh. 3.E - Baggage screening machines are 98% accurate in...Ch. 3.E - The polygraph test showed that the suspect was...Ch. 3.E - The Republications claim the tax cut benefits...Ch. 3.E - The agency suffered a real cut in its annual...Ch. 3.E - Prob. 11ECh. 3.E - Prob. 12ECh. 3.E - Prob. 13ECh. 3.E - Prob. 14ECh. 3.E - Prob. 15ECh. 3.E - Prob. 16ECh. 3.E - Prob. 17ECh. 3.E - Prob. 18ECh. 3.E - Prob. 19ECh. 3.E - Political Math. Government spending for a popular...Ch. 3.E - Basketball Records. Consider the following...Ch. 3.E - 22. Better Drug. Two drugs, A and B, were tested...Ch. 3.E - Prob. 23ECh. 3.E - Airline Arrivals. The following table shows real...Ch. 3.E - Prob. 25ECh. 3.E - Prob. 26ECh. 3.E - Analyzing a Two-Way Table. In the Senate of the...Ch. 3.E - Prob. 28ECh. 3.E - 29. A Tax Cut. According to an analysis of a...Ch. 3.E - Prob. 30ECh. 3.E - Drug Testing. Explore the issue of drug testing...Ch. 3.E - Prob. 32ECh. 3.E - Prob. 33E
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