ALEKS 360 ELEM STATISTICS
10th Edition
ISBN: 9781264241385
Author: Bluman
Publisher: MCG
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Chapter 6.1, Problem 58EC
To determine
To draw: The graph by hand the standard
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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.
To help consumers in purchasing a laptop computer, Consumer Reports calculates an overall test score for each computer tested based upon rating factors such as ergonomics, portability, performance, display, and battery life. Higher overall scores indicate better test results. The following data show the average retail price and the overall score for ten 13-inch models (Consumer Reports website, October 25, 2012).
Brand & Model
Price ($)
Overall Score
Samsung Ultrabook NP900X3C-A01US
1250
83
Apple MacBook Air MC965LL/A
1300
83
Apple MacBook Air MD231LL/A
1200
82
HP ENVY 13-2050nr Spectre XT
950
79
Sony VAIO SVS13112FXB
800
77
Acer Aspire S5-391-9880 Ultrabook
1200
74
Apple MacBook Pro MD101LL/A
1200
74
Apple MacBook Pro MD313LL/A
1000
73
Dell Inspiron I13Z-6591SLV
700
67
Samsung NP535U3C-A01US
600
63
a. Select a scatter diagram with price as the independent variable.
b. What does the scatter diagram developed in part (a) indicate about the relationship…
To the Internal Revenue Service, the reasonableness of total itemized deductions depends on the taxpayer’s adjusted gross income. Large deductions, which include charity and medical deductions, are more reasonable for taxpayers with large adjusted gross incomes. If a taxpayer claims larger than average itemized deductions for a given level of income, the chances of an IRS audit are increased. Data (in thousands of dollars) on adjusted gross income and the average or reasonable amount of itemized deductions follow.
Adjusted Gross Income ($1000s)
Reasonable Amount ofItemized Deductions ($1000s)
22
9.6
27
9.6
32
10.1
48
11.1
65
13.5
85
17.7
120
25.5
Compute b1 and b0 (to 4 decimals).b1 b0 Complete the estimated regression equation (to 2 decimals). = + x
Predict a reasonable level of total itemized deductions for a taxpayer with an adjusted gross income of $52.5 thousand (to 2 decimals). thousand dollarsWhat is the value, in dollars, of…
Chapter 6 Solutions
ALEKS 360 ELEM STATISTICS
Ch. 6.1 - Many times in statistics it is necessary to see if...Ch. 6.1 - What are the characteristics of an normal...Ch. 6.1 - Why is the standard normal distribution important...Ch. 6.1 - What is the total area under the standard normal...Ch. 6.1 - What percentage of the area falls below the mean?...Ch. 6.1 - About what percentage of the area under the normal...Ch. 6.1 - What are two other names for a normal...Ch. 6.1 - For Exercises 7 through 26, find the area under...Ch. 6.1 - For Exercises 7 through 26, find the area under...Ch. 6.1 - For Exercises 7 through 26, find the area under...
Ch. 6.1 - For Exercises 7 through 26, find the area under...Ch. 6.1 - For Exercises 7 through 26, find the area under...Ch. 6.1 - For Exercises 7 through 26, find the area under...Ch. 6.1 - For Exercises 7 through 26, find the area under...Ch. 6.1 - For Exercises 7 through 26, find the area under...Ch. 6.1 - For Exercises 7 through 26, find the area under...Ch. 6.1 - For Exercises 7 through 26, find the area under...Ch. 6.1 - For Exercises 7 through 26, find the area under...Ch. 6.1 - For Exercises 7 through 26, find the area under...Ch. 6.1 - For Exercises 7 through 26, find the area under...Ch. 6.1 - For Exercises 7 through 26, find the area under...Ch. 6.1 - For Exercises 7 through 26, find the area under...Ch. 6.1 - For Exercises 7 through 26, find the area under...Ch. 6.1 - For Exercises 7 through 26, find the area under...Ch. 6.1 - For Exercises 7 through 26, find the area under...Ch. 6.1 - For Exercises 7 through 26, find the area under...Ch. 6.1 - For Exercises 7 through 26, find the area under...Ch. 6.1 - In Exercises 27 through 40, find the probabilities...Ch. 6.1 - In Exercises 27 through 40, find the probabilities...Ch. 6.1 - In Exercises 27 through 40, find the probabilities...Ch. 6.1 - In Exercises 27 through 40, find the probabilities...Ch. 6.1 - In Exercises 27 through 40, find the probabilities...Ch. 6.1 - In Exercises 27 through 40, find the probabilities...Ch. 6.1 - In Exercises 27 through 40, find the probabilities...Ch. 6.1 - In Exercises 27 through 40, find the probabilities...Ch. 6.1 - In Exercises 27 through 40, find the probabilities...Ch. 6.1 - In Exercises 27 through 40, find the probabilities...Ch. 6.1 - In Exercises 27 through 40, find the probabilities...Ch. 6.1 - In Exercises 27 through 40, find the probabilities...Ch. 6.1 - In Exercises 27 through 40, find the probabilities...Ch. 6.1 - In Exercises 27 through 40, find the probabilities...Ch. 6.1 - For Exercises 41 through 46, find the z value that...Ch. 6.1 - For Exercises 41 through 46, find the z value that...Ch. 6.1 - For Exercises 41 through 46, find the z value that...Ch. 6.1 - For Exercises 41 through 46, find the z value that...Ch. 6.1 - For Exercises 41 through 46, find the z value that...Ch. 6.1 - For Exercises 41 through 46, find the z value that...Ch. 6.1 - Find the z value to the left of the mean so that...Ch. 6.1 - Find the z value to the right of the mean so that...Ch. 6.1 - Find two z values, one positive and one negative,...Ch. 6.1 - Find two z values so that 48% of the middle area...Ch. 6.1 - Prob. 51ECCh. 6.1 - Prob. 52ECCh. 6.1 - Prob. 53ECCh. 6.1 - For Exercises 5356, z0 is the statistical notation...Ch. 6.1 - Prob. 55ECCh. 6.1 - Prob. 56ECCh. 6.1 - Prob. 57ECCh. 6.1 - Prob. 58ECCh. 6.1 - Prob. 59ECCh. 6.1 - Find P(z 2.3 and z 1.2).Ch. 6.2 - Applying the Concepts 62 Smart People Assume you...Ch. 6.2 - Automobile Workers A worker in the automobile...Ch. 6.2 - Teachers Salaries The average annual salary for...Ch. 6.2 - Population in U.S. Jails The average daily jail...Ch. 6.2 - SAT Scores The national average SAT score (for...Ch. 6.2 - Chocolate Bar Calories The average number of...Ch. 6.2 - Monthly Mortgage Payments The average monthly...Ch. 6.2 - Prison Sentences The average prison sentence for a...Ch. 6.2 - Doctoral Student Salaries Full-time Ph.D. students...Ch. 6.2 - Miles Driven Annually The mean number of miles...Ch. 6.2 - Commute Time to Work The average commute to work...Ch. 6.2 - Credit Card Debt The average credit card debt for...Ch. 6.2 - Price of Gasoline The average retail price of...Ch. 6.2 - Potholes The average number of potholes per 10...Ch. 6.2 - Newborn Elephant Weights Newborn elephant calves...Ch. 6.2 - Heart Rates For a certain group of individuals,...Ch. 6.2 - Salary of Full Professors The average salary of a...Ch. 6.2 - Cat Behavior A report stated that the average...Ch. 6.2 - Itemized Charitable Contributions The average...Ch. 6.2 - New Home Sizes A contractor decided to build homes...Ch. 6.2 - New-Home Prices If the average price of a new...Ch. 6.2 - Cost of Personal Computers The average price of a...Ch. 6.2 - Reading Improvement Program To help students...Ch. 6.2 - Qualifying Test Scores To qualify for a medical...Ch. 6.2 - Ages of Amtrak Passenger Cars The average age of...Ch. 6.2 - Lengths of Hospital Stays The average length of a...Ch. 6.2 - High School Competency Test A mandatory competency...Ch. 6.2 - Product Marketing An advertising company plans to...Ch. 6.2 - Bottled Drinking Water Americans drank an average...Ch. 6.2 - Wristwatch Lifetimes The mean lifetime of a...Ch. 6.2 - Police Academy Acceptance Exams To qualify for a...Ch. 6.2 - In the distributions shown, state the mean and...Ch. 6.2 - SAT Scores Suppose that the mathematics SAT scores...Ch. 6.2 - Temperatures for Pittsburgh The mean temperature...Ch. 6.2 - Standardizing If a distribution of raw scores were...Ch. 6.2 - Social Security Payments Consider the distribution...Ch. 6.2 - Find the Mean In a normal distribution, find when...Ch. 6.2 - Internet Users U.S. internet users spend an...Ch. 6.2 - Exam Scores An instructor gives a 100-point...Ch. 6.2 - Drive-in Movies The data shown represent the...Ch. 6.2 - Prob. 40ECh. 6.2 - Prob. 41ECh. 6.2 - Prob. 42ECh. 6.2 - Prob. 43ECh. 6.3 - Applying the Concepts 63 Times To Travel to School...Ch. 6.3 - Prob. 1ECh. 6.3 - Why do most of the sample means differ somewhat...Ch. 6.3 - What is the mean of the sample means?Ch. 6.3 - What is the standard deviation of the sample means...Ch. 6.3 - What does the central limit theorem say about the...Ch. 6.3 - What formula is used to gain information about an...Ch. 6.3 - Life of Smoke Detectors The average lifetime of...Ch. 6.3 - Glass Garbage Generation A survey found that the...Ch. 6.3 - New Residences The average number of moves a...Ch. 6.3 - Teachers Salaries in Connecticut The average...Ch. 6.3 - Earthquakes The average number of earthquakes that...Ch. 6.3 - Teachers Salaries in North Dakota The average...Ch. 6.3 - Movie Ticket Prices In the second quarter of 2015,...Ch. 6.3 - SAT Scores The national average SAT score (for...Ch. 6.3 - Cost of Overseas Trip The average overseas trip...Ch. 6.3 - Cell Phone Lifetimes A recent study of the...Ch. 6.3 - Water Use The Old Farmers Almanac reports that the...Ch. 6.3 - Medicare Hospital Insurance The average yearly...Ch. 6.3 - Amount of Laundry Washed Each Year Procter Gamble...Ch. 6.3 - Per Capita Income of Delaware Residents In a...Ch. 6.3 - Monthly Precipitation for Miami The mean...Ch. 6.3 - Systolic Blood Pressure Assume that the mean...Ch. 6.3 - Cholesterol Content The average cholesterol...Ch. 6.3 - Ages of Proofreaders At a large publishing...Ch. 6.3 - TIMSS Test On the Trends in International...Ch. 6.3 - Life Expectancies In a study of the life...Ch. 6.3 - Home Values A study of 800 homeowners in a certain...Ch. 6.3 - Breaking Strength of Steel Cable The average...Ch. 6.3 - Prob. 29ECCh. 6.3 - Prob. 30ECCh. 6.4 - Applying the Concepts 64 Mountain Climbing Safety...Ch. 6.4 - Explain why a normal distribution can be used as...Ch. 6.4 - What conditions must be met to use the normal...Ch. 6.4 - Why is a correction for continuity necessary?Ch. 6.4 - When is the normal distribution not a good...Ch. 6.4 - Check each binomial distribution to see whether it...Ch. 6.4 - Check each binomial distribution to see whether it...Ch. 6.4 - Single Americans In a recent year, about 22% of...Ch. 6.4 - School Enrollment Of all 3- to 5-year-old...Ch. 6.4 - Home Ownership In a recent year, the rate of U.S....Ch. 6.4 - Mail Order A mail order company has an 8% success...Ch. 6.4 - Small Business Owners Seventy-six percent of small...Ch. 6.4 - Selected Technologies According to the World...Ch. 6.4 - Back Injuries Twenty-two percent of work injuries...Ch. 6.4 - Population of College Cities College students...Ch. 6.4 - Mistakes in Restaurant Bills About 12.5% of...Ch. 6.4 - Internet Browsers The top web browser in 2015 was...Ch. 6.4 - Female Americans Who Have Completed 4 Years of...Ch. 6.4 - Prob. 20ECh. 6.4 - Elementary School Teachers Women comprise 80.3% of...Ch. 6.4 - Prob. 22ECh. 6.4 - Prob. 23ECCh. 6 - Find the area under the standard normal...Ch. 6 - Find the area under the standard normal...Ch. 6 - Using the standard normal distribution, find each...Ch. 6 - Using the standard normal distribution, find each...Ch. 6 - Per Capita Spending on Health Care The average per...Ch. 6 - Salaries for Actuaries The average salary for...Ch. 6 - Commuter Train Passengers On a certain run of a...Ch. 6 - Monthly Spending for Paging and Messaging Services...Ch. 6 - Cost of Smartphone Repair The average cost of...Ch. 6 - Slot Machine Earnings The average amount a slot...Ch. 6 - Private Four-Year College Enrollment A random...Ch. 6 - Heights of Active Volcanoes The heights (in feet...Ch. 6 - Confectionary Products Americans ate an average of...Ch. 6 - Average Precipitation For the first 7 months of...Ch. 6 - Sodium in Frozen Food The average number of...Ch. 6 - Wireless Sound System Lifetimes A recent study of...Ch. 6 - Retirement Income Of the total population of...Ch. 6 - Slot Machines The probability of winning on a slot...Ch. 6 - Multiple-Job Holders According to the government,...Ch. 6 - Enrollment in Personal Finance Course In a large...Ch. 6 - U.S. Population Of the total U.S. population, 37%...Ch. 6 - Larceny-Thefts Excluding motor vehicle thefts, 26%...Ch. 6 - Determine whether each statement is true or false....Ch. 6 - Prob. 2CQCh. 6 - Determine whether each statement is true or false....Ch. 6 - The z value corresponding to a number below the...Ch. 6 - Determine whether each statement is true or false....Ch. 6 - Prob. 6CQCh. 6 - Select the best answer. 7. The mean of the...Ch. 6 - Approximately what percentage of normally...Ch. 6 - Which is not a property of the standard normal...Ch. 6 - When a distribution is positively skewed, the...Ch. 6 - Prob. 11CQCh. 6 - Complete the following statements with the best...Ch. 6 - The difference between a sample mean and a...Ch. 6 - The mean of the sample means equals ________.Ch. 6 - The standard deviation of all possible sample...Ch. 6 - The normal distribution can be used to approximate...Ch. 6 - Prob. 17CQCh. 6 - Find the area under the standard normal...Ch. 6 - Using the standard normal distribution, find each...Ch. 6 - Amount of Rain in a City The average amount of...Ch. 6 - Heights of People The average height of a certain...Ch. 6 - Sports Drink Consumption The average number of...Ch. 6 - Years to Complete a Graduate Program The average...Ch. 6 - Passengers on a Bus On the daily run of an express...Ch. 6 - Thickness of Library Books The average thickness...Ch. 6 - Prob. 26CQCh. 6 - Prob. 27CQCh. 6 - Electric Bills The average electric bill in a...Ch. 6 - Sleep Survey According to a recent survey, 38% of...Ch. 6 - Prob. 30CQCh. 6 - Household Online Connection The percentage of U.S....Ch. 6 - Prob. 32CQCh. 6 - Prob. 33CQCh. 6 - GMAT Scores The average GMAT scores for the top-30...Ch. 6 - Prob. 1CTCCh. 6 - Sometimes a researcher must decide whether a...Ch. 6 - Prob. 3CTCCh. 6 - Prob. 4CTCCh. 6 - Sometimes a researcher must decide whether a...Ch. 6 - Prob. 6CTCCh. 6 - Formulas Confirm the two formulas hold true for...
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