Concept explainers
Answer to Problem 64E
Mean of V ,
Standard deviation of V ,
Explanation of Solution
Given information:
X : amount earned by Life Insurance Company on a randomly chosen 5 − year term life policy
Such that
Mean,
Standard deviation,
Insurer’s average income,
Where,
Xi : Income from insuring one man
Calculations:
Property mean:
Property standard deviation:
Since V represents insurer’s average income.
Then
Such that
And
Thus,
We have
Mean of V ,
Standard deviation of V ,
Chapter 6 Solutions
PRACTICE OF STATISTICS F/AP EXAM
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