The probability that cost is above $450.

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Answer 1

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Features Features Normal distribution is characterized by two parameters, mean (µ) and standard deviation (σ). When graphed, the mean represents the center of the bell curve and the graph is perfectly symmetric about the center. The mean, median, and mode are all equal for a normal distribution. The standard deviation measures the data's spread from the center. The higher the standard deviation, the more the data is spread out and the flatter the bell curve looks. Variance is another commonly used measure of the spread of the distribution and is equal to the square of the standard deviation.

Chapter 6.2, Problem 19E

a)

To determine

To find: The probability that cost is above $450.

b)

To determine

To find: The probability that cost is less than $250.

c)

To determine

To find: The probability that cost is between $250 and $450.

d)

To determine

To find: The cost if the cost of car repair is falling in the lower 5% of the automobile repair charges.

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30. An individual who has automobile insurance from a certain company is randomly selected. Let Y be the num- ber of moving violations for which the individual was cited during the last 3 years. The pmf of Y isy | 1 2 4 8 16p(y) | .05 .10 .35 .40 .10 a.Compute E(Y).b. Suppose an individual with Y violations incurs a surcharge of $100Y^2. Calculate the expected amount of the surcharge.

24. An insurance company offers its policyholders a num- ber of different premium payment options. For a ran- domly selected policyholder, let X = the number of months between successive payments. The cdf of X is as follows: F(x)=0.00 : x < 10.30 : 1≤x<30.40 : 3≤ x < 40.45 : 4≤ x <60.60 : 6≤ x < 121.00 : 12≤ x a. What is the pmf of X?b. Using just the cdf, compute P(3≤ X ≤6) and P(4≤ X).

Answer 2

Question

Features Features Normal distribution is characterized by two parameters, mean (µ) and standard deviation (σ). When graphed, the mean represents the center of the bell curve and the graph is perfectly symmetric about the center. The mean, median, and mode are all equal for a normal distribution. The standard deviation measures the data's spread from the center. The higher the standard deviation, the more the data is spread out and the flatter the bell curve looks. Variance is another commonly used measure of the spread of the distribution and is equal to the square of the standard deviation.

Chapter 6.2, Problem 19E

a)

To determine

To find: The probability that cost is above $450.

b)

To determine

To find: The probability that cost is less than $250.

c)

To determine

To find: The probability that cost is between $250 and $450.

d)

To determine

To find: The cost if the cost of car repair is falling in the lower 5% of the automobile repair charges.

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Check out a sample textbook solution

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Answer 3

Question

Features Features Normal distribution is characterized by two parameters, mean (µ) and standard deviation (σ). When graphed, the mean represents the center of the bell curve and the graph is perfectly symmetric about the center. The mean, median, and mode are all equal for a normal distribution. The standard deviation measures the data's spread from the center. The higher the standard deviation, the more the data is spread out and the flatter the bell curve looks. Variance is another commonly used measure of the spread of the distribution and is equal to the square of the standard deviation.

Chapter 6.2, Problem 19E

a)

To determine

To find: The probability that cost is above $450.

b)

To determine

To find: The probability that cost is less than $250.

c)

To determine

To find: The probability that cost is between $250 and $450.

d)

To determine

To find: The cost if the cost of car repair is falling in the lower 5% of the automobile repair charges.

Expert Solution & Answer

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Check out a sample textbook solution

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Answer 4

Question

Features Features Normal distribution is characterized by two parameters, mean (µ) and standard deviation (σ). When graphed, the mean represents the center of the bell curve and the graph is perfectly symmetric about the center. The mean, median, and mode are all equal for a normal distribution. The standard deviation measures the data's spread from the center. The higher the standard deviation, the more the data is spread out and the flatter the bell curve looks. Variance is another commonly used measure of the spread of the distribution and is equal to the square of the standard deviation.

Chapter 6.2, Problem 19E

a)

To determine

To find: The probability that cost is above $450.

b)

To determine

To find: The probability that cost is less than $250.

c)

To determine

To find: The probability that cost is between $250 and $450.

d)

To determine

To find: The cost if the cost of car repair is falling in the lower 5% of the automobile repair charges.

Expert Solution & Answer

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Check out a sample textbook solution

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Answer 5

Chapter 6.2, Problem 19E

a)

To determine

To find: The probability that cost is above $450.

b)

To determine

To find: The probability that cost is less than $250.

c)

To determine

To find: The probability that cost is between $250 and $450.

d)

To determine

To find: The cost if the cost of car repair is falling in the lower 5% of the automobile repair charges.

Answer 6

Chapter 6.2, Problem 19E

a)

To determine

To find: The probability that cost is above $450.

Answer 7

Chapter 6.2, Problem 19E

a)

To determine

To find: The probability that cost is above $450.

Answer 8

b)

To determine

To find: The probability that cost is less than $250.

Answer 9

b)

To determine

To find: The probability that cost is less than $250.

Answer 10

c)

To determine

To find: The probability that cost is between $250 and $450.

Answer 11

c)

To determine

To find: The probability that cost is between $250 and $450.

Answer 12

d)

To determine

To find: The cost if the cost of car repair is falling in the lower 5% of the automobile repair charges.

Answer 13

d)

To determine

To find: The cost if the cost of car repair is falling in the lower 5% of the automobile repair charges.

Answer 14

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Answer 15

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Answer 16

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Answer 17

Ch. 6.1 - The random variable x is known to be uniformly...Ch. 6.1 - Delta Airlines quotes a flight time of 2 hours, 5...Ch. 6.1 - Prob. 4E Ch. 6.1 - In October 2012, Apple introduced a much smaller...Ch. 6.2 - A random variable is normally distributed with a...Ch. 6.2 - Prob. 12E Ch. 6.2 - Prob. 15E Ch. 6.2 - Prob. 19E Ch. 6.2 - The time needed to complete a final examination in...Ch. 6.2 - New York City is the most expensive city in the...

The probability that cost is above $450.

Solution Summary: The author calculates the probability that cost is above 450. The probability is 0.1728.

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To find: The probability that cost is above $450.

To find: The probability that cost is less than $250.

To find: The probability that cost is between $250 and $450.

To find: The cost if the cost of car repair is falling in the lower 5% of the automobile repair charges.

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