
Contemporary Mathematics For Business & Consumers, Loose-leaf Version
8th Edition
ISBN: 9781305867185
Author: Robert Brechner, Geroge Bergeman
Publisher: South-Western College Pub
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Chapter 4, Problem 5AT
To determine
The completion of two check stubs and the check register in proper form on basis of starting balance as
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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.
Steel Production Planning:
Let S represent the amount of steel produced (in tons). Steel Production is related to the amount of labor used(L) and the amount of capital used ( C ) by the following function:S = 20L⁰˙³⁰C⁰˙⁷⁰In this formula L represents the units of Labor input and C the units of Capital input. Each unit of Labor costs $50, and each unit of Capital costs $100.
a:Formulate an optimization problem that will determine how much labor and capital are needed to produce 50,000 tons of steel at minimum cost.
Q#3B: Solve the optimization problem you formulated in part (a). (Hint: When using Excel Solver, start with an initial L>0 and C>0.)…
Chapter 4 Solutions
Contemporary Mathematics For Business & Consumers, Loose-leaf Version
Ch. 4.I - Use the following blank to write a check for...Ch. 4.I - You have just received a check. Your account...Ch. 4.I - Fill out the deposit slip for Hi-Volt Electronics...Ch. 4.I - From the following information, complete the two...Ch. 4.I - You are the owner of the Busy Bee Launderette....Ch. 4.I - Prob. 2RECh. 4.I - You have just received a check. Your account...Ch. 4.I - You have just received a check. Your account...Ch. 4.I - You have just received a check. Your account...Ch. 4.I - Properly fill out the deposit slip for The Star...
Ch. 4.I - Properly fill out the deposit slip for Howard...Ch. 4.I - 8. From the following information, complete the...Ch. 4.I - From the following information, complete the...Ch. 4.I - 10. From the following information, complete the...Ch. 4.II - Using the form provided, reconcile the following...Ch. 4.II - 1. On April 3. Erin Gardner received her bank...Ch. 4.II - Bob Albrecht received his bank statement on July 5...Ch. 4.II - On December 2. John Leahy received his bank...Ch. 4 - 1. A(n) ___________ is a written order to a bank...Ch. 4 - On a check, the ___________ is the person or...Ch. 4 - When a(n) ___________ card is used, the amount of...Ch. 4 - 4. Write the word form of $52.45 as it would...Ch. 4 - Prob. 5CRCh. 4 - Prob. 6CRCh. 4 - Prob. 7CRCh. 4 - Prob. 8CRCh. 4 - Attached by perforation to checks, check...Ch. 4 - Prob. 10CRCh. 4 - Prob. 11CRCh. 4 - Prob. 12CRCh. 4 - Prob. 13CRCh. 4 - Prob. 14CRCh. 4 - Prob. 1ATCh. 4 - 2. You have just received a check. Your account...Ch. 4 - As cashier for Cellinis Pizza, it is your...Ch. 4 - Simon Fitzrowdy checked his checking account...Ch. 4 - Prob. 5ATCh. 4 - 6. On October 1, Jessica Clay received her bank...Ch. 4 - Using the form on page 121, prepare a bank...
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