Contemporary Mathematics for Business & Consumers
8th Edition
ISBN: 9781305886803
Author: Brechner
Publisher: Cengage
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Chapter 6, Problem 6AT
To determine
To calculate: The percent value of
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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.
Calculate the correlation coefficient r, letting Row 1 represent the x-values and Row 2 the y-values. Then calculate
it again, letting Row 2 represent the x-values and Row 1 the y-values. What effect does switching the variables have
on r?
Row 1
Row 2
13
149
25
36
41
60
62
78
S
205
122
195
173
133
197
24
Calculate the correlation coefficient r, letting Row 1 represent the x-values and Row 2 the y-values.
r=0.164 (Round to three decimal places as needed.)
S
24
The number of initial public offerings of stock issued in a 10-year period and the total proceeds of these offerings (in
millions) are shown in the table. The equation of the regression line is y = 47.109x+18,628.54. Complete parts a and b.
455 679 499 496 378 68
157
58 200
17,942|29,215 43,338 30,221 67,266 67,461 22,066 11,190 30,707| 27,569
Issues, x
Proceeds,
421
y
(a) Find the coefficient of determination and interpret the result.
(Round to three decimal places as needed.)
Chapter 6 Solutions
Contemporary Mathematics for Business & Consumers
Ch. 6.I - Convert the following percents to decimals. a. 27%...Ch. 6.I - Convert the following decimals or whole numbers to...Ch. 6.I - Prob. 3TIECh. 6.I - Prob. 4TIECh. 6.I - Convert the following percents to decimals.
1.
Ch. 6.I - Prob. 2RECh. 6.I - Prob. 3RECh. 6.I - Prob. 4RECh. 6.I - Prob. 5RECh. 6.I - Prob. 6RE
Ch. 6.I - Prob. 7RECh. 6.I - Prob. 8RECh. 6.I - Prob. 9RECh. 6.I - Convert the following percents to decimals.
10....Ch. 6.I - Prob. 11RECh. 6.I - Prob. 12RECh. 6.I - Prob. 13RECh. 6.I - Prob. 14RECh. 6.I - Prob. 15RECh. 6.I - Prob. 16RECh. 6.I - Prob. 17RECh. 6.I - Convert the following decimals or whole numbers to...Ch. 6.I - Prob. 19RECh. 6.I - Prob. 20RECh. 6.I - Prob. 21RECh. 6.I - Prob. 22RECh. 6.I - Prob. 23RECh. 6.I - Prob. 24RECh. 6.I - Prob. 25RECh. 6.I - Prob. 26RECh. 6.I - Prob. 27RECh. 6.I - Prob. 28RECh. 6.I - Prob. 29RECh. 6.I - Prob. 30RECh. 6.I - Prob. 31RECh. 6.I - Prob. 32RECh. 6.I - Prob. 33RECh. 6.I - Prob. 34RECh. 6.I - Prob. 35RECh. 6.I - Prob. 36RECh. 6.I - Prob. 37RECh. 6.I - Prob. 38RECh. 6.I - Prob. 39RECh. 6.I - Prob. 40RECh. 6.I - Prob. 41RECh. 6.I - Prob. 42RECh. 6.I - Prob. 43RECh. 6.I - Prob. 44RECh. 6.I - Prob. 45RECh. 6.I - 46. You have been asked to make a presentation...Ch. 6.II - Solve the following for the portion. What is the...Ch. 6.II - Prob. 6TIECh. 6.II - Solve the following for the portion.
a. Premier...Ch. 6.II - Prob. 8TIECh. 6.II - Prob. 9TIECh. 6.II - Prob. 10TIECh. 6.II - Prob. 11TIECh. 6.II - Prob. 12TIECh. 6.II - Solve the following for the base. Round to...Ch. 6.II - Prob. 1RECh. 6.II - Prob. 2RECh. 6.II - Prob. 3RECh. 6.II - Prob. 4RECh. 6.II - Solve the following for the portion. Round to...Ch. 6.II - Prob. 6RECh. 6.II - Prob. 7RECh. 6.II - Solve the following for the portion. Round to...Ch. 6.II - Prob. 9RECh. 6.II - Prob. 10RECh. 6.II - Prob. 11RECh. 6.II - Prob. 12RECh. 6.II - Prob. 13RECh. 6.II - 14. What is the rate if the base is 288 and the...Ch. 6.II - Solve the following for the rate. Round to the...Ch. 6.II - Solve the following for the rate. Round to the...Ch. 6.II - Prob. 17RECh. 6.II - Solve the following for the rate. Round to the...Ch. 6.II - Prob. 19RECh. 6.II - Solve the following for the rate. Round to the...Ch. 6.II - Prob. 21RECh. 6.II - Prob. 22RECh. 6.II - Prob. 23RECh. 6.II - Solve the following for the base. Round to...Ch. 6.II - Prob. 25RECh. 6.II - Solve the following for the base. Round to...Ch. 6.II - Prob. 27RECh. 6.II - Prob. 28RECh. 6.II - Prob. 29RECh. 6.II - Solve the following for the base. Round to...Ch. 6.II - Solve the following word problems for the portion,...Ch. 6.II - Solve the following word problems for the portion,...Ch. 6.II - Prob. 33RECh. 6.II - Solve the following word problems for the portion,...Ch. 6.II - Solve the following word problems for the portion,...Ch. 6.II - Prob. 36RECh. 6.II - Prob. 37RECh. 6.II - Solve the following word problems for the portion,...Ch. 6.II - Solve the following word problems for the portion,...Ch. 6.II - Solve the following word problems for the portion,...Ch. 6.II - Solve the following word problems for the portion,...Ch. 6.II - Solve the following word problems for the portion,...Ch. 6.II - Prob. 43RECh. 6.II - Solve the following word problems for the portion,...Ch. 6.II - Use the pie chart "Century Mutual Fund -...Ch. 6.II - Use the pie chart "Century Mutual Fund -...Ch. 6.II - Prob. 47RECh. 6.II - Use the pie chart "Century Mutual Fund -...Ch. 6.II - 49. You are the catering manager for the Imperial...Ch. 6.III - Solve the following problem for the rate of...Ch. 6.III - Solve the following problem for the rate of...Ch. 6.III - Solve the following problem for the rate of...Ch. 6.III - Prob. 17TIECh. 6.III - Prob. 18TIECh. 6.III - Solve the following business situation for the new...Ch. 6.III - Solve the following business situation for the...Ch. 6.III - Solve the following business situation for the...Ch. 6.III - Prior to an election, a political research firm...Ch. 6.III - Solve the following increase or decrease problems...Ch. 6.III - Prob. 2RECh. 6.III - Solve the following increase or decrease problems...Ch. 6.III - Solve the following increase or decrease problems...Ch. 6.III - Prob. 5RECh. 6.III - Prob. 6RECh. 6.III - Prob. 7RECh. 6.III - Solve the following increase or decrease problems...Ch. 6.III - Prob. 9RECh. 6.III - Prob. 10RECh. 6.III - Over a two-month period, the number of weekly...Ch. 6.III - Sunshine Honda sold 112 cars this month. If that...Ch. 6.III - 13. At a Sports King store, 850 tennis racquets...Ch. 6.III - At a Safeway Supermarket, the price of yellow...Ch. 6.III - 15. According to the American Association of...Ch. 6.III - 16. Housing prices in Foster County have increased...Ch. 6.III - At Campers Paradise, sales have increased 15%,...Ch. 6.III - 18. According to the U.S. Census Bureau, in 1950,...Ch. 6.III - 19. After a vigorous promotion campaign. Crunchy...Ch. 6.III - 20. The chart “Chip Rivalry" illustrates the...Ch. 6.III - 21. Economic reports indicate that during a recent...Ch. 6 - 1. A percent is a way of expressing a part of).a...Ch. 6 - Prob. 2CRCh. 6 - 3. Percent means “parts per ______.” The percent...Ch. 6 - Prob. 4CRCh. 6 - Prob. 5CRCh. 6 - Prob. 6CRCh. 6 - Prob. 7CRCh. 6 - Prob. 8CRCh. 6 - Prob. 9CRCh. 6 - In the percentage formula, the___ is the variable...Ch. 6 - Prob. 11CRCh. 6 - Prob. 12CRCh. 6 - Prob. 13CRCh. 6 - Prob. 14CRCh. 6 - Prob. 1ATCh. 6 - Prob. 2ATCh. 6 - Prob. 3ATCh. 6 - Prob. 4ATCh. 6 - Prob. 5ATCh. 6 - Prob. 6ATCh. 6 - Prob. 7ATCh. 6 - Prob. 8ATCh. 6 - Prob. 9ATCh. 6 - Prob. 10ATCh. 6 - Prob. 11ATCh. 6 - Prob. 12ATCh. 6 - Prob. 13ATCh. 6 - Prob. 14ATCh. 6 - Prob. 15ATCh. 6 - Prob. 16ATCh. 6 - Prob. 17ATCh. 6 - Prob. 18ATCh. 6 - Prob. 19ATCh. 6 - Prob. 20ATCh. 6 - Prob. 21ATCh. 6 - Prob. 22ATCh. 6 - Prob. 23ATCh. 6 - Prob. 24ATCh. 6 - Solve the following for the portion, rate, or...Ch. 6 - Prob. 26ATCh. 6 - Prob. 27ATCh. 6 - Prob. 28ATCh. 6 - Solve the following for the portion, rate, or...Ch. 6 - Solve the following for the portion, rate, or...Ch. 6 - Prob. 31ATCh. 6 - Prob. 32ATCh. 6 - Solve the following word problems for the unknown....Ch. 6 - Solve the following word problems for the unknown....Ch. 6 - Solve the following word problems for the unknown....Ch. 6 - Solve the following word problems for the unknown....Ch. 6 - Solve the following word problems for the unknown....Ch. 6 - Solve the following word problems for the unknown....Ch. 6 - Solve the following word problems for the unknown....Ch. 6 - Solve the following word problems for the unknown....Ch. 6 - Solve the following word problems for the unknown....Ch. 6 - Prob. 42ATCh. 6 - Solve the following word problems for the unknown....Ch. 6 - Solve the following word problems for the unknown....Ch. 6 - 45. An insurance adjuster for UPS found that 12%...Ch. 6 - 46. Morley Fast, a contractor, built a warehouse...Ch. 6 - Use the chart The Rise of E-Books in Education for...Ch. 6 - Use the chart “The Rise of E-Books in Education”...Ch. 6 - Use the chart “The Rise of E-Books in Education”...
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