Elementary Statistics: Picturing the World (7th Edition)
7th Edition
ISBN: 9780134683416
Author: Ron Larson, Betsy Farber
Publisher: PEARSON
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Chapter 4.3, Problem 9E
To determine
To describe: The main difference between the value of x in binomial distribution and geometric distribution.
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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.
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.
From a sample of 26 graduate students, the mean number of months of work experience prior to entering an MBA program was 34.67. The national standard deviation is known to be18 months. What is a 90% confidence interval for the population mean?
Question content area bottom
Part 1
A
9090%
confidence interval for the population mean is
left bracket nothing comma nothing right bracketenter your response here,enter your response here.
(Use ascending order. Round to two decimal places as needed.)
Chapter 4 Solutions
Elementary Statistics: Picturing the World (7th Edition)
Ch. 4.1 - Determine whether each random variable x is...Ch. 4.1 - A company tracks the number of sales new employees...Ch. 4.1 - Verify that the distribution you constructed in...Ch. 4.1 - Determine whether each distribution is a...Ch. 4.1 - Find the mean of the probability distribution you...Ch. 4.1 - Find the variance and standard deviation of the...Ch. 4.1 - At a raffle, 2000 tickets are sold at 5 each for...Ch. 4.1 - What is a random variable? Give an example of a...Ch. 4.1 - What is a discrete probability distribution? What...Ch. 4.1 - Is the expected value of the probability...
Ch. 4.1 - What does the mean of a probability distribution...Ch. 4.1 - True or False? In Exercises 58, determine whether...Ch. 4.1 - True or False? In Exercises 58, determine whether...Ch. 4.1 - True or False? In Exercises 58, determine whether...Ch. 4.1 - True or False? In Exercises 58, determine whether...Ch. 4.1 - Graphical Analysis In Exercises 912, determine...Ch. 4.1 - Graphical Analysis In Exercises 912, determine...Ch. 4.1 - Graphical Analysis In Exercises 912, determine...Ch. 4.1 - Graphical Analysis In Exercises 912, determine...Ch. 4.1 - Discrete Variables and Continuous Variables In...Ch. 4.1 - Discrete Variables and Continuous Variables In...Ch. 4.1 - Discrete Variables and Continuous Variables In...Ch. 4.1 - Discrete Variables and Continuous Variables In...Ch. 4.1 - Discrete Variables and Continuous Variables In...Ch. 4.1 - Discrete Variables and Continuous Variables In...Ch. 4.1 - Constructing and Graphing Discrete Probability...Ch. 4.1 - Constructing and Graphing Discrete Probability...Ch. 4.1 - Finding Probabilities Use the probability...Ch. 4.1 - Finding Probabilities Use the probability...Ch. 4.1 - Unusual Events In Exercise 19, would it be unusual...Ch. 4.1 - Unusual Events In Exercise 20, would it be unusual...Ch. 4.1 - Determining a Missing Probability In Exercises 25...Ch. 4.1 - Determining a Missing Probability In Exercises 25...Ch. 4.1 - Identifying Probability Distributions In Exercises...Ch. 4.1 - Identifying Probability Distributions In Exercises...Ch. 4.1 - Finding the Mean, Variance, and Standard Deviation...Ch. 4.1 - Baseball The number of games played in each World...Ch. 4.1 - Finding the Mean, Variance, and Standard Deviation...Ch. 4.1 - Finding the Mean, Variance, and Standard Deviation...Ch. 4.1 - Hurricanes The histogram shows the distribution of...Ch. 4.1 - Reviewer Ratings The histogram shows the reviewer...Ch. 4.1 - Writing The expected value of an accountants...Ch. 4.1 - Writing In a game of chance, what is the...Ch. 4.1 - Finding an Expected Value In Exercises 37and 38,...Ch. 4.1 - A high school basketball team is selling 10 raffle...Ch. 4.1 - Linear Transformation of a Random Variable In...Ch. 4.1 - Prob. 40ECh. 4.1 - What is the average sum of their scores? What is...Ch. 4.1 - What is the standard deviation of the difference...Ch. 4.2 - Determine whether the experiment is a binomial...Ch. 4.2 - A card is selected from a standard deck and...Ch. 4.2 - A survey found that 52% of U.S. adults associate...Ch. 4.2 - The survey in Example 5 found that 27% of U.S....Ch. 4.2 - About 5% of workers (ages 16 years and older) in...Ch. 4.2 - A recent study found that 28% of U.S. adults read...Ch. 4.2 - In San Francisco, California, about 44% of the...Ch. 4.2 - In a binomial experiment, what does it mean to say...Ch. 4.2 - In a binomial experiment with n trials, what does...Ch. 4.2 - Graphical Analysis In Exercises 35, the histogram...Ch. 4.2 - Graphical Analysis In Exercises 35, the histogram...Ch. 4.2 - Graphical Analysis In Exercises 35, the histogram...Ch. 4.2 - Graphical Analysis In Exercises 68, the histogram...Ch. 4.2 - Graphical Analysis In Exercises 68, the histogram...Ch. 4.2 - Graphical Analysis In Exercises 68, the histogram...Ch. 4.2 - Identify the unusual values of x in each histogram...Ch. 4.2 - Identify the unusual values of x in each histogram...Ch. 4.2 - Mean, Variance, and Standard Deviation In...Ch. 4.2 - Mean, Variance, and Standard Deviation In...Ch. 4.2 - Mean, Variance, and Standard Deviation In...Ch. 4.2 - Mean, Variance, and Standard Deviation In...Ch. 4.2 - Identifying and Understanding Binomial Experiments...Ch. 4.2 - Identifying and Understanding Binomial Experiments...Ch. 4.2 - Identifying and Understanding Binomial Experiments...Ch. 4.2 - Identifying and Understanding Binomial Experiments...Ch. 4.2 - Finding Binomial Probabilities In Exercises 1926,...Ch. 4.2 - Finding Binomial Probabilities In Exercises 1926,...Ch. 4.2 - Finding Binomial Probabilities In Exercises 1926,...Ch. 4.2 - Finding Binomial Probabilities In Exercises 1926,...Ch. 4.2 - Finding Binomial Probabilities In Exercises 1926,...Ch. 4.2 - Finding Binomial Probabilities In Exercises 1926,...Ch. 4.2 - Finding Binomial Probabilities In Exercises 1926,...Ch. 4.2 - Finding Binomial Probabilities In Exercises 1926,...Ch. 4.2 - Constructing and Graphing Binomial Distributions...Ch. 4.2 - Constructing and Graphing Binomial Distributions...Ch. 4.2 - Constructing and Graphing Binomial Distributions...Ch. 4.2 - Constructing and Graphing Binomial Distributions...Ch. 4.2 - Finding and Interpreting Mean, Variance, and...Ch. 4.2 - Finding and Interpreting Mean, Variance, and...Ch. 4.2 - Finding and Interpreting Mean, Variance, and...Ch. 4.2 - Finding and Interpreting Mean, Variance, and...Ch. 4.2 - Finding and Interpreting Mean, Variance, and...Ch. 4.2 - Finding and Interpreting Mean, Variance, and...Ch. 4.2 - Genetics According to a theory in genetics, when...Ch. 4.2 - Genetics Another proposed theory in genetics gives...Ch. 4.2 - Manufacturing An assembly line produces 10,000...Ch. 4.2 - Prob. 1ACh. 4.2 - Prob. 2ACh. 4.2 - For the election in Exercise 1, simulate selecting...Ch. 4.2 - 1. Construct a probability distribution for the...Ch. 4.2 - 2. Construct binomial probability distributions...Ch. 4.2 - 3. Compare your distributions from Exercise 1 and...Ch. 4.2 - 4. During the 2016 regular season, Kris Bryant of...Ch. 4.3 - The study in Example 1 found that the smartphones...Ch. 4.3 - What is the probability that more than four...Ch. 4.3 - Two thousand brown trout are introduced into a...Ch. 4.3 - In Exercises 14, find the indicated probability...Ch. 4.3 - Prob. 2ECh. 4.3 - In Exercises 14, find the indicated probability...Ch. 4.3 - Prob. 4ECh. 4.3 - In Exercises 58, find the indicated probability...Ch. 4.3 - Prob. 6ECh. 4.3 - In Exercises 58, find the indicated probability...Ch. 4.3 - In Exercises 58, find the indicated probability...Ch. 4.3 - Prob. 9ECh. 4.3 - In your own words, describe the difference between...Ch. 4.3 - Prob. 11ECh. 4.3 - Using a Distribution to Find Probabilities In...Ch. 4.3 - Using a Distribution to Find Probabilities In...Ch. 4.3 - Using a Distribution to Find Probabilities In...Ch. 4.3 - Using a Distribution to Find Probabilities In...Ch. 4.3 - Using a Distribution to Find Probabilities In...Ch. 4.3 - Using a Distribution to Find Probabilities In...Ch. 4.3 - Using a Distribution to Find Probabilities In...Ch. 4.3 - Using a Distribution to Find Probabilities In...Ch. 4.3 - Using a Distribution to Find Probabilities In...Ch. 4.3 - Using a Distribution to Find Probabilities In...Ch. 4.3 - Using a Distribution to Find Probabilities In...Ch. 4.3 - Using a Distribution to Find Probabilities In...Ch. 4.3 - Using a Distribution to Find Probabilities In...Ch. 4.3 - Using a Distribution to Find Probabilities In...Ch. 4.3 - Using a Distribution to Find Probabilities In...Ch. 4.3 - Comparing Binomial and Poisson Distributions An...Ch. 4.3 - Hypergeometric Distribution Binomial experiments...Ch. 4.3 - Geometric Distribution: Mean and Variance In...Ch. 4.3 - Geometric Distribution: Mean and Variance In...Ch. 4.3 - Prob. 31ECh. 4.3 - Geometric Distribution: Mean and Variance In...Ch. 4 - In Exercises 13, assume the fire department...Ch. 4 - In Exercises 13, assume the fire department...Ch. 4 - In Exercises 13, assume the fire department...Ch. 4 - In Exercises 1 and 2, determine whether the random...Ch. 4 - In Exercises 1 and 2, determine whether the random...Ch. 4 - In Exercises 3 and 4, (a) construct a probability...Ch. 4 - In Exercises 3 and 4, (a) construct a probability...Ch. 4 - In Exercises 5 and 6, determine whether the...Ch. 4 - In Exercises 5 and 6, determine whether the...Ch. 4 - In Exercises 7 and 8, (a) find the mean, variance,...Ch. 4 - In Exercises 7 and 8, (a) find the mean, variance,...Ch. 4 - In Exercises 9 and 10, find the expected net gain...Ch. 4 - In Exercises 9 and 10, find the expected net gain...Ch. 4 - In Exercises 11 and 12, determine whether the...Ch. 4 - In Exercises 11 and 12, determine whether the...Ch. 4 - In Exercises 1316, find the indicated binomial...Ch. 4 - In Exercises 1316, find the indicated binomial...Ch. 4 - In Exercises 1316, find the indicated binomial...Ch. 4 - In Exercises 1316, find the indicated binomial...Ch. 4 - In Exercises 17 and 18, (a) construct a binomial...Ch. 4 - In Exercises 17 and 18, (a) construct a binomial...Ch. 4 - In Exercises 19 and 20, find the mean, variance,...Ch. 4 - In Exercises 19 and 20, find the mean, variance,...Ch. 4 - In Exercises 2126, find the indicated...Ch. 4 - Prob. 4.3.22RECh. 4 - In Exercises 2126, find the indicated...Ch. 4 - Prob. 4.3.24RECh. 4 - Prob. 4.3.25RECh. 4 - In Exercises 2126, find the indicated...Ch. 4 - Determine whether the random variable x is...Ch. 4 - The table lists the number of wireless devices per...Ch. 4 - Prob. 3CQCh. 4 - The five-year success rate of kidney transplant...Ch. 4 - An online magazine finds that the mean number of...Ch. 4 - Basketball player Dwight Howard makes a free throw...Ch. 4 - Which event(s) in Exercise 6 can be considered...Ch. 4 - In Exercises 13find the indicated probabilities...Ch. 4 - In Exercises 13, find the indicated probabilities...Ch. 4 - In Exercises 13find the indicated probabilities...Ch. 4 - Determine whether the distribution is a...Ch. 4 - The table shows the ages of students in a freshman...Ch. 4 - Seventy-seven percent of U.S. college students pay...Ch. 4 - The Centers for Disease Control and Prevention...Ch. 4 - The Centers for Disease Control and Prevention...Ch. 4 - Suspicious Samples? A lab worker tells you that...Ch. 4 - In Exercises 17, consider a grocery store that can...Ch. 4 - In Exercises 17, consider a grocery store that can...Ch. 4 - Prob. 3TCh. 4 - Prob. 4TCh. 4 - Prob. 5TCh. 4 - In Exercises 17, consider a grocery store that can...Ch. 4 - In Exercises 17, consider a grocery store that can...
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