UNDERSTANDING BASIC STATISTICS (LOOSE)
8th Edition
ISBN: 9781337558198
Author: BRASE
Publisher: CENGAGE L
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Chapter 6, Problem 3CRP
To determine
Whether the sum of the probabilities is equal to 1 or not.
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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.
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.)
A test consists of 10 questions made of 5 answers with only one correct answer. To pass the test, a student must answer at least 8 questions correctly. (a) If a student guesses on each question, what is the probability that the student passes the test? (b) Find the mean and standard deviation of the number of correct answers. (c) Is it unusual for a student to pass the test by guessing? Explain.
Chapter 6 Solutions
UNDERSTANDING BASIC STATISTICS (LOOSE)
Ch. 6.1 - Statistical Literacy Which of the following are...Ch. 6.1 - Statistical Literacy Which of the following are...Ch. 6.1 - Statistical Literacy Consider each distribution....Ch. 6.1 - Statistical Literacy At State College all classes...Ch. 6.1 - Statistical Literacy Consider two discrete...Ch. 6.1 - Statistical Literacy Consider the probability...Ch. 6.1 - Basic Computation: Expected Value and Standard...Ch. 6.1 - Basic Computation: Expected Value For a...Ch. 6.1 - Critical Thinking: Simulation We can use the...Ch. 6.1 - Marketing: Age What is the age distribution of...
Ch. 6.1 - Marketing: Income What is the income distribution...Ch. 6.1 - History: Florence Nightingale What was the age...Ch. 6.1 - Fishing: Trout The following data are based on...Ch. 6.1 - Criminal Justice: Parole USA Today reported that...Ch. 6.1 - Fundraiser: Hiking Club The college hiking club is...Ch. 6.1 - Spring Break: Caribbean Cruise The college student...Ch. 6.1 - Expected Value: Life Insurance Jim is a...Ch. 6.1 - Expected Value: Life Insurance Sara is a...Ch. 6.1 - Expand Your Knowledge: Linear Functions and...Ch. 6.1 - Expand Your Knowledge: Linear Functions and...Ch. 6.1 - Expand Your Knowledge: Linear Functions and...Ch. 6.2 - Statistical Literacy What does the random variable...Ch. 6.2 - Statistical Literacy What does it mean to say that...Ch. 6.2 - Statistical Literacy For a binomial experiment,...Ch. 6.2 - Statistical Literacy In a binomial experiment, is...Ch. 6.2 - Interpretation Suppose you are a hospital manager...Ch. 6.2 - Interpretation From long experience a landlord...Ch. 6.2 - Critical Thinking In an experiment, there are n...Ch. 6.2 - Critical Thinking In a carnival game, there are...Ch. 6.2 - Critical Thinking According to the college...Ch. 6.2 - Critical Thinking: Simulation Central Eye Clinic...Ch. 6.2 - In each of the following problems, the binomial...Ch. 6.2 - In each of the following problems, the binomial...Ch. 6.2 - In each of the following problems, the binomial...Ch. 6.2 - In each of the following problems, the binomial...Ch. 6.2 - In each of the following problems, the binomial...Ch. 6.2 - In each of the following problems, the binomial...Ch. 6.2 - In each of the following problems, the binomial...Ch. 6.2 - In each of the following problems, the binomial...Ch. 6.2 - In each of the following problems, the binomial...Ch. 6.2 - In each of the following problems, the binomial...Ch. 6.2 - Psychology: Deceit Aldrich Ames is a convicted...Ch. 6.2 - Hardware Store: Income Trevor is interested in...Ch. 6.2 - Psychology: Myers-Briggs Approximately 75% of all...Ch. 6.2 - Business Ethics: Privacy Are your finances, buying...Ch. 6.2 - Business Ethics: Privacy According to the same...Ch. 6.2 - Health Care: Office Visits What is the age...Ch. 6.2 - Binomial Distribution Table: Symmetry Study the...Ch. 6.3 - Statistical Literacy What does the expected value...Ch. 6.3 - Statistical Literacy Consider two binomial...Ch. 6.3 - Basic Computation: Expected Value and Standard...Ch. 6.3 - Basic Computation: Expected Value and Standard...Ch. 6.3 - Critical Thinking Consider a binomial distribution...Ch. 6.3 - Criticai Thinking Consider a binomial distribution...Ch. 6.3 - Binomial Distribution: Histograms Consider a...Ch. 6.3 - Binomial Distributions: Histograms Figure 6-6...Ch. 6.3 - Critical Thinking Consider a binomial distribution...Ch. 6.3 - Critical Thinking Consider a binomial distribution...Ch. 6.3 - Sports: Surfing In Hawaii, January is a favorite...Ch. 6.3 - Quality Control: Syringes The quality-control...Ch. 6.3 - Private Investigation: Locating People Old Friends...Ch. 6.3 - Ecology: Hawaiian Tsunamis A tidal wave or tsunami...Ch. 6.3 - Education: Illiteracy USA Today reported that...Ch. 6.3 - Rude Drivers: Tailgating Do you tailgate the car...Ch. 6.3 - Criminal Justice: ParoleUSA Today reports that...Ch. 6.3 - Criminal Justice: Jury Duty Have you ever tried to...Ch. 6.3 - Law Enforcement: Property Crime Does crime pay ?...Ch. 6.3 - Focus Problem: Personality Types We now have the...Ch. 6.3 - Criminal Justice: Convictions Innocent until...Ch. 6.3 - Critical Thinking Let r be a binomial random...Ch. 6.3 - Expand Your Knowledge: Geometric Probability...Ch. 6.3 - Expand Your Knowledge: Geometric Distribution;...Ch. 6.3 - Expand Your Knowledge: Geometric Distribution;...Ch. 6 - Terminology Consider the data set consisting of...Ch. 6 - Terminology Consider the data set consisting of...Ch. 6 - Terminology Which quantity is give by the expected...Ch. 6 - Terminology Consider the following statements...Ch. 6 - Statistical Literacy What are the requirements for...Ch. 6 - Statistical Literacy List the criteria for a...Ch. 6 - Critical Thinking For a binomial probability...Ch. 6 - Critical Thinking Consider a binomial experiment....Ch. 6 - Probability Distribution: Auto Leases Consumer...Ch. 6 - Ecology: Predator and Prey Isle Royale. an island...Ch. 6 - Insurance: Auto State Farm Insurance studies show...Ch. 6 - Quality Control: Pens A stationery store has...Ch. 6 - Criminal Justice: Inmates According to Harper's...Ch. 6 - Airlines: On-Time ArrivalsConsumer Reports rated...Ch. 6 - Ecology: Shark Attacks In Hawaii shark attacks are...Ch. 6 - Restaurants: Reservations The Orchard Caf has...Ch. 6 - College Lire: Student Government The student...Ch. 6 - Although tables of binomial probabilities can be...Ch. 6 - Prob. 2UTACh. 6 - Although tables of binomial probabilities can be...Ch. 6 - Prob. 4UTACh. 6 - Although tables of binomial probabilities can be...Ch. 6 - Although tables of binomial probabilities can be...Ch. 6 - Prob. 7UTACh. 6 - The Hill of Tara is located in south-central...Ch. 6 - Prob. 2CRPCh. 6 - Prob. 3CRPCh. 6 - The Hill of Tara is located in south-central...Ch. 6 - The Hill of Tara is located in south-central...Ch. 6 - The Hill of Tara is located in south-central...Ch. 6 - The Hill of Tara is located in south-central...
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