Using & Understanding Mathematics: A Quantitative Reasoning Approach (7th Edition)
7th Edition
ISBN: 9780134705187
Author: Jeffrey O. Bennett, William L. Briggs
Publisher: PEARSON
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ECON2016 Mathematical Methods of Economics II
Final Assessment
Instructions: Answer ALL the questions. Show all working
1. Solve the following Differential Equations
a) dy = x²-1; y(-1) = 1
dx y²+1
dy
b) d x + 2y = 3;
dx
c) dy-4y = 4y²
dt
d) 6dzy
dx²
dy
-5+ y = 0; y(0) = 4 y'(0) = 0
dx
[6]
[5]
[5]
[6]
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.
Answer questions 8.1.13 and 8.2.10 respectively
Chapter 6 Solutions
Using & Understanding Mathematics: A Quantitative Reasoning Approach (7th Edition)
Ch. 6.A - Prob. 1QQCh. 6.A - On an astronomy exam, 20 students score below 79...Ch. 6.A - One hundred students take a chemistry exam. All...Ch. 6.A - Twenty students take a political science exam....Ch. 6.A - A survey asks students to state many sodas they...Ch. 6.A - Among professional actors, a small number of...Ch. 6.A - The distribution of wages at a company is...Ch. 6.A - Compared to a distribution with a broad central...Ch. 6.A - If you compared the distribution of weights of 20...Ch. 6.A - The mayor of a town is considering a run for...
Ch. 6.A - 1. Define and distinguish among mean, median, and...Ch. 6.A - Prob. 2ECh. 6.A - Briefly describe at least two possible sources of...Ch. 6.A - Prob. 4ECh. 6.A - Prob. 5ECh. 6.A - Prob. 6ECh. 6.A - In my data set of 10 exam scores, the mean turned...Ch. 6.A - In my data set of 10 exam scores, the median...Ch. 6.A - I made a distribution of 15 apartment rents in my...Ch. 6.A - Two extremely tall people skewed the distribution...Ch. 6.A - The distribution of grades was left-skewed, but...Ch. 6.A - There’s much more variation in the ages of the...Ch. 6.A - 13-18: Mean, Median, and Mode. Compute the mean,...Ch. 6.A - Mean, Median, and Mode. Compute the mean, median,...Ch. 6.A - Mean, Median, and Mode. Compute the mean, median,...Ch. 6.A - Mean, Median, and Mode. Compute the mean, median,...Ch. 6.A - 13–18: Mean, Median, and Mode. Compute the mean,...Ch. 6.A - 13-18: Mean, Median, and Mode. Compute the mean,...Ch. 6.A - Outlier Coke. Cans of Coca-Cola vary slightly in...Ch. 6.A - 20. Margin of Victory. The following data give the...Ch. 6.A - Appropriate Average. For each of the following...Ch. 6.A - 21-26: Appropriate Average. For each of the...Ch. 6.A - 21-26: Appropriate Average. For each of the...Ch. 6.A - 21-26: Appropriate Average. For each of the...Ch. 6.A - 21-26: Appropriate Average. For each of the...Ch. 6.A - 21-26: Appropriate Average. For each of the...Ch. 6.A - 27-34: Describing Distributions Consider the...Ch. 6.A - Describing Distributions. Consider the following...Ch. 6.A - 27-34: Describing Distributions Consider the...Ch. 6.A - Describing Distributions. Consider the following...Ch. 6.A - 27-34: Describing Distributions Consider the...Ch. 6.A - Describing Distributions. Consider the following...Ch. 6.A - Prob. 33ECh. 6.A - Describing Distributions. Consider the following...Ch. 6.A - Prob. 35ECh. 6.A - 35-36: Understanding Distributions. For the given...Ch. 6.A - Smooth Distributions. Through each histogram, draw...Ch. 6.A - Smooth Distributions. For each histogram, draw a...Ch. 6.A - Smooth Distributions. For each histogram, draw a...Ch. 6.A - Prob. 40ECh. 6.A - Family Income. Suppose you study family income in...Ch. 6.A - Airline Delays. Suppose you are a scheduler for a...Ch. 6.A - Weighted Means. We often deal with weighted means,...Ch. 6.A - Weighted Means. We often deal with weighted means,...Ch. 6.A - Prob. 45ECh. 6.A - Prob. 46ECh. 6.A - Prob. 47ECh. 6.A - Prob. 48ECh. 6.A - 50. Daily Averages. Cite three examples of...Ch. 6.A - 51. Distributions in the News. Find three recent...Ch. 6.A - Answer the following questions using procedures...Ch. 6.A - Prob. 52ECh. 6.A - 53. StatCrunch Project. Choose a data set...Ch. 6.B - The lowest score on an exam was 62, the median...Ch. 6.B - Which of the following is not part of a...Ch. 6.B - The lower quartile for hourly wages at a coffee...Ch. 6.B - Is it possible for a distribution to have a mean...Ch. 6.B - Suppose you are given the mean and just one data...Ch. 6.B - The standard deviation is best described as a...Ch. 6.B - What type of data distribution has a negative...Ch. 6.B - In any distribution, it is always true that a. the...Ch. 6.B - Which data set would you expect to have the...Ch. 6.B - Professors Smith, Jones, and Garcia all got the...Ch. 6.B - Consider two grocery stores at which the mean time...Ch. 6.B - Describe how we define and calculate the range of...Ch. 6.B - Prob. 3ECh. 6.B - Prob. 4ECh. 6.B - Prob. 5ECh. 6.B - Prob. 6ECh. 6.B - The distributions of scores on two exams had the...Ch. 6.B - The highest exam score was in the upper quartile...Ch. 6.B - For the 30 students who took the test, the high...Ch. 6.B - I examined the data carefully, and the range was...Ch. 6.B - The standard deviation for the heights of a group...Ch. 6.B - The mean gas mileage of the compact cars we tested...Ch. 6.B - 13. Big Bank Verification. Find the mean and...Ch. 6.B - Prob. 14ECh. 6.B - Comparing Variations. Consider the following data...Ch. 6.B - Prob. 16ECh. 6.B - Prob. 17ECh. 6.B - Comparing Variations. Consider the following data...Ch. 6.B - Understanding Variation. The following exercises...Ch. 6.B - Understanding Variation. The following exercises...Ch. 6.B - Pizza Deliveries. After recording the pizza...Ch. 6.B - Airline Arrival Times. Two airlines have data on...Ch. 6.B - 23. Portfolio Standard Deviation. The book...Ch. 6.B - Defect Rates. Two factories each produce 1000...Ch. 6.B - 25. Ice Cream Deviations. Each night you total the...Ch. 6.B - Vet Data. A small animal veterinarian reviews her...Ch. 6.B - Prob. 27ECh. 6.B - Prob. 28ECh. 6.B - 29. Quality Control. An auto transmission...Ch. 6.B - Web Data Sets. Go to any website that gives data...Ch. 6.B - Prob. 31ECh. 6.B - Prob. 32ECh. 6.B - Prob. 33ECh. 6.B - Prob. 34ECh. 6.B - 35. Variation in StatCrunch. Load the data set...Ch. 6.B - 36. StatCrunch Project. Choose a data set...Ch. 6.C - Graphs of normal distributions a. always look...Ch. 6.C - In a normal distribution, the mean a. is equal to...Ch. 6.C - In a normal distribution, data values farther from...Ch. 6.C - Consider wages at a fast food restaurant where...Ch. 6.C - In a normal distribution, about 2/3 Of the data...Ch. 6.C - Suppose a car driven under different conditions...Ch. 6.C - Consider again the car described in Question 6. On...Ch. 6.C - Consider an exam with a normal distribution of...Ch. 6.C - An acquaintance tells you that his IQ is in the...Ch. 6.C - The height of a particular 7-year-old girl has a...Ch. 6.C - 1. What is a normal distribution? Briefly describe...Ch. 6.C - 2. What is the 68-95-99.7 rule for normal...Ch. 6.C - 3. What is a standard score? How do you find the...Ch. 6.C - Prob. 4ECh. 6.C - The heights of male basketball players at Kentucky...Ch. 6.C - The weights of babies born at Belmont Hospital are...Ch. 6.C - The weights of babies born at Belmont Hospital are...Ch. 6.C - On yesterday's mathematics exam, the standard...Ch. 6.C - My professor graded the final on a curve, and she...Ch. 6.C - Jack is the 50th percentile for height, so he is...Ch. 6.C - Prob. 11ECh. 6.C - Prob. 12ECh. 6.C - Prob. 13ECh. 6.C - 13-18: Normal Distributions. State, with an...Ch. 6.C - 13-18: Normal Distributions. State, with an...Ch. 6.C - Normal Distributions. State, with an explanation,...Ch. 6.C - Prob. 17ECh. 6.C - 13-18: Normal Distributions. State, with an...Ch. 6.C - The 68-95-99.7 Rule. A set of test scores is...Ch. 6.C - The 68-95-99.7 Rule. The resting heart rates for a...Ch. 6.C - Psychology Exam. The scores on a psychology exam...Ch. 6.C - Psychology Exam. The scores on a psychology exam...Ch. 6.C - Psychology Exam. The scores on a psychology exam...Ch. 6.C - Psychology Exam. The scores on a psychology exam...Ch. 6.C - Psychology Exam. The scores on a psychology exam...Ch. 6.C - 21-28: Psychology Exam. The scores on a psychology...Ch. 6.C - 21-28: Psychology Exam. The scores on a psychology...Ch. 6.C - Psychology Exam. The scores on a psychology exam...Ch. 6.C - Standard Scores and Percentiles. Use Table 6.3 to...Ch. 6.C - Standard Scores and Percentiles. Use Table 6.3 to...Ch. 6.C - Percentiles. Use Table 6.4 to find the approximate...Ch. 6.C - Percentiles. Use Table 6.4 to find the approximate...Ch. 6.C - Pregnancy Length. Actual lengths of terms are...Ch. 6.C - Pregnancy Length. Actual lengths of terms are...Ch. 6.C - Prob. 35ECh. 6.C - Prob. 36ECh. 6.C - Heights. According to data from the National...Ch. 6.C - Body Mass Index (BMI). The body mass indexes of...Ch. 6.C - 39. Is It Likely? Suppose you read that the...Ch. 6.C - Prob. 40ECh. 6.C - GRE Scores. Scores on the verbal Graduate Record...Ch. 6.C - 41-47: GRE Scores. Scores on the verbal section of...Ch. 6.C - 41-47: GRE Scores. Scores on the verbal section of...Ch. 6.C - Prob. 44ECh. 6.C - 41-47: GRE Scores. Scores on the verbal section of...Ch. 6.C - Prob. 46ECh. 6.C - Prob. 47ECh. 6.C - Normal Distributions. Many data sets described in...Ch. 6.C - Normal Demonstration. Do a Web search on the...Ch. 6.C - Heights of American Men. The heights of American...Ch. 6.C - Normal Distributions in StatCrunch. Go to the work...Ch. 6.C - Prob. 52ECh. 6.D - Prob. 1QQCh. 6.D - Prob. 2QQCh. 6.D - Prob. 3QQCh. 6.D - Prob. 4QQCh. 6.D - A poll finds that 35% of the people surveyed...Ch. 6.D - Prob. 6QQCh. 6.D - Consider a survey with a margin of error of 4%. If...Ch. 6.D - Prob. 8QQCh. 6.D - Prob. 9QQCh. 6.D - Prob. 10QQCh. 6.D - Prob. 1ECh. 6.D - Prob. 2ECh. 6.D - Prob. 3ECh. 6.D - Prob. 4ECh. 6.D - Prob. 5ECh. 6.D - Prob. 6ECh. 6.D - Prob. 7ECh. 6.D - Prob. 8ECh. 6.D - Prob. 9ECh. 6.D - Prob. 10ECh. 6.D - Both agencies conducted their surveys carefully,...Ch. 6.D - If you want to reduce the margin of error in your...Ch. 6.D - Prob. 13ECh. 6.D - Prob. 14ECh. 6.D - Prob. 15ECh. 6.D - Subjective Significance. For each of the following...Ch. 6.D - 15-20: Subjective Significance. For each of the...Ch. 6.D - Prob. 18ECh. 6.D - Prob. 19ECh. 6.D - 15-20: Subjective Significance. For each of the...Ch. 6.D - Human Body Temperature. A study by University of...Ch. 6.D - Seat Belts and Children. In a study of children...Ch. 6.D - SAT Preparation. A study of 75 students who took...Ch. 6.D - Weight by Age. A National Health Survey determined...Ch. 6.D - Margin of Error. Find the margin of error and the...Ch. 6.D - Prob. 26ECh. 6.D - 25-32: Margin of Error. Find the margin of error...Ch. 6.D - Prob. 28ECh. 6.D - Prob. 29ECh. 6.D - 25-32: Margin of Error. Find the margin of error...Ch. 6.D - 25-32: Margin of Error. Find the margin of error...Ch. 6.D - Margin of Error. Find the margin of error and the...Ch. 6.D - 33-38: Formulating Hypotheses. Consider the...Ch. 6.D - Prob. 34ECh. 6.D - Prob. 35ECh. 6.D - Prob. 36ECh. 6.D - Prob. 37ECh. 6.D - Prob. 38ECh. 6.D -
39-44: Hypothesis Tests. The following exercises...Ch. 6.D -
39-44: Hypothesis Tests. The following exercises...Ch. 6.D -
39-44: Hypothesis Tests. The following exercises...Ch. 6.D -
39-44: Hypothesis Tests. The following exercises...Ch. 6.D -
39-44: Hypothesis Tests. The following exercises...Ch. 6.D - Prob. 44ECh. 6.D - Prob. 45ECh. 6.D - Prob. 46ECh. 6.D - Prob. 47ECh. 6.D - Better Margin of Error. Suppose you want to...Ch. 6.D - Prob. 49ECh. 6.D - Recent Polls. Visit the websites of polling...Ch. 6.D - Prob. 51ECh. 6.D - Statistical Significance. Find a recent news...Ch. 6.D - Prob. 53ECh. 6.D - Hypothesis Testing. Find a news report describing...Ch. 6.D - 55. Confidence Interval. Go to and choose...
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