Essential Statistics
2nd Edition
ISBN: 9781259570643
Author: Navidi
Publisher: MCG
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Chapter 6.3, Problem 13E
To determine
Find the indicated probability
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Could you please answer this question using excel.Thanks
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
Chapter 6 Solutions
Essential Statistics
Ch. 6.1 - Prob. 1CYUCh. 6.1 - Prob. 2CYUCh. 6.1 - Prob. 3CYUCh. 6.1 - Prob. 4CYUCh. 6.1 - Prob. 5CYUCh. 6.1 - Prob. 6CYUCh. 6.1 - Prob. 7CYUCh. 6.1 - Prob. 8CYUCh. 6.1 - Prob. 9CYUCh. 6.1 - Prob. 10CYU
Ch. 6.1 - Prob. 11ECh. 6.1 - In Exercises 11–16, fill in each blank with the...Ch. 6.1 - In Exercises 11–16, fill in each blank with the...Ch. 6.1 - In Exercises 11–16, fill in each blank with the...Ch. 6.1 - In Exercises 11–16, fill in each blank with the...Ch. 6.1 - In Exercises 11–16, fill in each blank with the...Ch. 6.1 - In Exercises 17–26, determine whether the...Ch. 6.1 - In Exercises 17–26, determine whether the...Ch. 6.1 - If a normal population has a mean of and a...Ch. 6.1 - In Exercises 17–26, determine whether the...Ch. 6.1 - Determine Exercises 1726, whether the statement is...Ch. 6.1 - Determine Exercises 1726, whether the statement is...Ch. 6.1 - Prob. 23ECh. 6.1 - In Exercises 17–26, determine whether the...Ch. 6.1 - Prob. 25ECh. 6.1 - Prob. 26ECh. 6.1 - 27. The following figure is a probability density...Ch. 6.1 - 28. The following figure is a probability density...Ch. 6.1 - Prob. 29ECh. 6.1 - Prob. 30ECh. 6.1 - Prob. 31ECh. 6.1 - 32. Find the area under the standard normal curve...Ch. 6.1 - Prob. 33ECh. 6.1 - Prob. 34ECh. 6.1 - Prob. 35ECh. 6.1 - 36. Find the area under the standard normal curve...Ch. 6.1 - Find the area under the standard normal curve that...Ch. 6.1 - Find the area under the standard normal curve that...Ch. 6.1 - Prob. 39ECh. 6.1 - 40. Find the z-score for which the area to its...Ch. 6.1 - Prob. 41ECh. 6.1 - 42. Find the z-score for which the area to its...Ch. 6.1 - Prob. 43ECh. 6.1 - 44. Find the z-scores that bound the middle 70% of...Ch. 6.1 - Prob. 45ECh. 6.1 - Prob. 46ECh. 6.1 - Prob. 47ECh. 6.1 - Prob. 48ECh. 6.1 - Prob. 49ECh. 6.1 - Prob. 50ECh. 6.1 - Prob. 51ECh. 6.1 - Prob. 52ECh. 6.1 - Prob. 53ECh. 6.1 - Prob. 54ECh. 6.1 - Prob. 55ECh. 6.1 - Prob. 56ECh. 6.1 - Prob. 57ECh. 6.1 - Prob. 58ECh. 6.1 - 59. Check your blood pressure: The Centers for...Ch. 6.1 - Prob. 60ECh. 6.1 - Prob. 61ECh. 6.1 - Prob. 62ECh. 6.1 - Prob. 63ECh. 6.1 - 64. Big chickens: A report on thepoultrysite.com...Ch. 6.1 - Prob. 65ECh. 6.1 - 66. Electric bills: According to the U.S. Energy...Ch. 6.1 - Prob. 67ECh. 6.1 - Prob. 68ECh. 6.1 - 69. Tire lifetimes: The lifetime of a certain type...Ch. 6.1 - 70. Tree heights: Cherry trees in a certain...Ch. 6.1 - 71. Tire lifetimes: The lifetime of a certain type...Ch. 6.1 - Prob. 72ECh. 6.1 - Prob. 73ECh. 6.1 - Prob. 74ECh. 6.1 - Prob. 75ECh. 6.1 - 76. How much do you study? A survey among freshmen...Ch. 6.1 - Prob. 77ECh. 6.1 - Prob. 78ECh. 6.1 - Prob. 79ECh. 6.1 - Prob. 80ECh. 6.1 - Prob. 81ECh. 6.1 - Prob. 82ECh. 6.1 - Prob. 83ECh. 6.1 - Prob. 84ECh. 6.2 - A population has mean μ = 6.9 and standard...Ch. 6.2 - A population has mean μ = 17 and standard...Ch. 6.2 - A population has mean μ = 10 and standard...Ch. 6.2 - A population has mean μ = 47.5 and standard...Ch. 6.2 - Prob. 5ECh. 6.2 - In Exercises 5 and 6, fill in each blank with the...Ch. 6.2 - Prob. 7ECh. 6.2 - Prob. 8ECh. 6.2 - Prob. 9ECh. 6.2 - 10. A sample of size 126 will be drawn from a...Ch. 6.2 - Prob. 11ECh. 6.2 - 12. A sample of size 284 will be drawn from a...Ch. 6.2 - Prob. 13ECh. 6.2 - Prob. 14ECh. 6.2 - A sample of size 20 will be drawn from a...Ch. 6.2 - Prob. 16ECh. 6.2 - Prob. 17ECh. 6.2 - Prob. 18ECh. 6.2 - Prob. 19ECh. 6.2 - Prob. 20ECh. 6.2 - Prob. 21ECh. 6.2 - 22. Watch your cholesterol: The National Health...Ch. 6.2 - Prob. 23ECh. 6.2 - Prob. 24ECh. 6.2 - 25. Taxes: The Internal Revenue Service reports...Ch. 6.2 - Prob. 26ECh. 6.2 - Prob. 27ECh. 6.2 - 28. Elevator ride: Engineers are designing a large...Ch. 6.2 - Annual income: The mean annual income for people...Ch. 6.2 - Prob. 30ECh. 6.2 - Eat your cereal: A cereal manufacturer claims that...Ch. 6.2 - Battery life: A battery manufacturer claims that...Ch. 6.2 - Prob. 33ECh. 6.3 - Find μ p ^ and σ p ^ if n = 20 and p = 0.82.Ch. 6.3 - Prob. 2CYUCh. 6.3 - Prob. 3CYUCh. 6.3 - For a certain type of computer chip, the...Ch. 6.3 - Prob. 5ECh. 6.3 - In Exercises 5 and 6, fill in each blank with the...Ch. 6.3 - Prob. 7ECh. 6.3 - Prob. 8ECh. 6.3 - Prob. 9ECh. 6.3 - In Exercises 9–14, n is the sample size, p is the...Ch. 6.3 - Prob. 11ECh. 6.3 - In Exercises 9–14, n is the sample size, p is the...Ch. 6.3 - Prob. 13ECh. 6.3 - Prob. 14ECh. 6.3 - Coffee: The National Coffee Association reported...Ch. 6.3 - Smartphones: A Pew Research report indicated that...Ch. 6.3 - Student loans: The Institute for College Access...Ch. 6.3 - High school graduates: The National Center for...Ch. 6.3 - Prob. 19ECh. 6.3 - Working two jobs: The Bureau of Labor Statistics...Ch. 6.3 - Future scientists: Education professionals refer...Ch. 6.3 - Blood pressure: High blood pressure has been...Ch. 6.3 - Prob. 23ECh. 6.3 - Prob. 24ECh. 6.3 - Kidney transplants: The Health Resources and...Ch. 6.3 - How’s your new car? The General Social Survey...Ch. 6.3 - Flawless tiles: A new process has been designed to...Ch. 6.4 - Prob. 1CYUCh. 6.4 - Prob. 2CYUCh. 6.4 - Prob. 3CYUCh. 6.4 - Prob. 4CYUCh. 6.4 - Prob. 5ECh. 6.4 - Prob. 6ECh. 6.4 - Prob. 7ECh. 6.4 - Prob. 8ECh. 6.4 - In Exercises 9–14, n is the sample size, p is the...Ch. 6.4 - Prob. 10ECh. 6.4 - In Exercises 9–14, n is the sample size, p is the...Ch. 6.4 - Prob. 12ECh. 6.4 - Prob. 13ECh. 6.4 - Prob. 14ECh. 6.4 - Prob. 15ECh. 6.4 - Prob. 16ECh. 6.4 - Prob. 17ECh. 6.4 - Stress at work: In a poll conducted by the General...Ch. 6.4 - What’s your opinion? A pollster will interview a...Ch. 6.4 - Prob. 20ECh. 6.4 - The car is in the shop: Among automobiles of a...Ch. 6.4 - Prob. 22ECh. 6.4 - Getting bumped: Airlines often sell more tickets...Ch. 6.4 - Prob. 24ECh. 6.4 - Probability of a single number: A fair coin is...Ch. 6.5 - Prob. 1CYUCh. 6.5 - Prob. 2CYUCh. 6.5 - Prob. 3CYUCh. 6.5 - Prob. 4CYUCh. 6.5 - Prob. 5CYUCh. 6.5 - Prob. 6CYUCh. 6.5 - Prob. 7ECh. 6.5 - Prob. 8ECh. 6.5 - Prob. 9ECh. 6.5 - Prob. 10ECh. 6.5 - Prob. 11ECh. 6.5 - Prob. 12ECh. 6.5 - Prob. 13ECh. 6.5 - Prob. 14ECh. 6.5 - Prob. 15ECh. 6.5 - Prob. 16ECh. 6.5 - Prob. 17ECh. 6.5 - Prob. 18ECh. 6.5 - Prob. 19ECh. 6.5 - Prob. 20ECh. 6.5 - Prob. 21ECh. 6.5 - Prob. 22ECh. 6.5 - Defective items: The number of defective items...Ch. 6.5 - Prob. 24ECh. 6.5 - Prob. 25ECh. 6.5 - Prob. 26ECh. 6.5 - Prob. 27ECh. 6.5 - Prob. 28ECh. 6.5 - Prob. 29ECh. 6.5 - Prob. 30ECh. 6.5 - Prob. 31ECh. 6.5 - Prob. 32ECh. 6 - Following is a probability density curse for a...Ch. 6 - Prob. 2CQCh. 6 - Prob. 3CQCh. 6 - Find the z-scores that bound the middle 80% of the...Ch. 6 - Find z0.15.Ch. 6 - Prob. 6CQCh. 6 - Prob. 7CQCh. 6 - Prob. 8CQCh. 6 - Prob. 9CQCh. 6 - Prob. 10CQCh. 6 - Prob. 11CQCh. 6 - Prob. 12CQCh. 6 - Prob. 13CQCh. 6 - Prob. 14CQCh. 6 - Prob. 15CQCh. 6 - Prob. 1RECh. 6 - Prob. 2RECh. 6 - Your battery is dead: The lifetimes of a certain...Ch. 6 - Take your medicine: Medication used to treat a...Ch. 6 - Lightbulbs: The lifetime of lightbulbs has a mean...Ch. 6 - More lightbulbs: Someone claims to have developed...Ch. 6 - Prob. 7RECh. 6 - Safe delivery: A certain delivery truck can safely...Ch. 6 - Elementary school: In a certain elementary school,...Ch. 6 - Face book: Eighty percent of the students at a...Ch. 6 - It’s all politics: A politician in a close...Ch. 6 - Side effects: A new medical procedure produces...Ch. 6 - Prob. 13RECh. 6 - Prob. 14RECh. 6 - Prob. 15RECh. 6 - Prob. 1WAICh. 6 - Prob. 2WAICh. 6 - Prob. 3WAICh. 6 - Prob. 4WAICh. 6 - Prob. 5WAICh. 6 - Prob. 6WAICh. 6 - Prob. 7WAICh. 6 - Prob. 1CSCh. 6 - Prob. 2CSCh. 6 - Prob. 3CSCh. 6 - Prob. 4CSCh. 6 - Prob. 5CSCh. 6 - Prob. 6CSCh. 6 - Prob. 7CSCh. 6 - Prob. 8CS
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