Introductory Statistics (10th Edition)
10th Edition
ISBN: 9780321989178
Author: Neil A. Weiss
Publisher: PEARSON
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Chapter 7.2, Problem
a.
To determine
To find: The
b.
To determine
To generate: 1,000 samples of 10 interarrival times each using the technology.
c.
To determine
To find: The mean of each of the 1,000 samples obtained in part (b).
d.
To determine
To explain: What would be expected about the mean and standard deviation of the 1,000 sample means you obtained in part (c) to be.
e.
To determine
To find: The mean and standard deviation of the 1,000 samples means.
f.
To determine
To compare: The answers from parts (d) and part (e).
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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 7 Solutions
Introductory Statistics (10th Edition)
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Ch. 7.1 - Exercises 7.117.23 are intended solely to provide...Ch. 7.1 - Exercises 7.117.23 are intended solely to provide...Ch. 7.1 - Exercises 7.117.23 are intended solely to provide...Ch. 7.1 - Exercises 7.117.23 are intended solely to provide...Ch. 7.1 - Exercises 7.117.23 are intended solely to provide...Ch. 7.1 - Exercises 7.117.23 are intended solely to provide...Ch. 7.1 - Exercises 7.117.23 are intended solely to provide...Ch. 7.1 - Exercises 7.117.23 are intended solely to provide...Ch. 7.1 - Exercises 7.117.23 are intended solely to provide...Ch. 7.1 - Exercises 7.117.23 are intended solely to provide...Ch. 7.1 - Prob. 21ECh. 7.1 - Exercises 7.117.23 are intended solely to provide...Ch. 7.1 - Prob. 23ECh. 7.1 - Prob. 24ECh. 7.1 - Suppose that a random sample of size 1 is to be...Ch. 7.2 - Although, in general, you cannot know the sampling...Ch. 7.2 - Why is obtaining the mean and standard deviation...Ch. 7.2 - Does the sample size have an effect on the mean of...Ch. 7.2 - Does the sample size have an effect on the...Ch. 7.2 - Explain why increasing the sample size tends to...Ch. 7.2 - Prob. 31ECh. 7.2 - Prob. 32ECh. 7.2 - Prob. 33ECh. 7.2 - Prob. 34ECh. 7.2 - Exercises 7.337.40 require that you have done...Ch. 7.2 - Prob. 36ECh. 7.2 - Prob. 37ECh. 7.2 - Prob. 38ECh. 7.2 - Prob. 39ECh. 7.2 - Prob. 40ECh. 7.2 - Exercises 7.417.45 require that you have done...Ch. 7.2 - Prob. 42ECh. 7.2 - Prob. 43ECh. 7.2 - Exercises 7.417.45 require that you have done...Ch. 7.2 - Exercises 7.417.45 require that you have done...Ch. 7.2 - Young Adults at Risk. Research by R. Pyhala et al....Ch. 7.2 - Baby Weight. The paper Are Babies Normal? by T....Ch. 7.2 - Menopause in Mexico. In the article Age at...Ch. 7.2 - Mobile Homes. According to the U.S. Census Bureau...Ch. 7.2 - Undergraduate Binge Drinking. Alcohol consumption...Ch. 7.2 - Earthquakes. According to The Earth: Structure,...Ch. 7.2 - Bachelors Completion. As reported by the U.S....Ch. 7.2 - SAT Scores. Each year, thousands of high school...Ch. 7.2 - Unbiased and Biased Estimators. A statistic is...Ch. 7.2 - For Exercises 7.557.57, refer to Equations (7.1)...Ch. 7.2 - For Exercises 7.557.57, refer to Equations (7.1)...Ch. 7.2 - Prob. 57ECh. 7.2 - Prob. 58ECh. 7.2 - Gestation Periods of Humans. For humans, gestation...Ch. 7.2 - Prob. 60ECh. 7.3 - A variable of a population has a mean of = 100...Ch. 7.3 - A variable of a population has a mean of = 35 and...Ch. 7.3 - A variable of a population is normally distributed...Ch. 7.3 - A variable of a population has mean and standard...Ch. 7.3 - Refer to Fig. 7.6 on page 323. a. Why are the four...Ch. 7.3 - According to the central limit theorem, for a...Ch. 7.3 - Brain Weights. In 1905, R. Pearl published the...Ch. 7.3 - New York City 10-km Run. As reported by Runners...Ch. 7.3 - Teacher Salaries. Data on salaries in the public...Ch. 7.3 - Loan Amounts. B. Ciochetti et al. studied mortgage...Ch. 7.3 - Nurses and Hospital Stays. In the article A...Ch. 7.3 - Women at Work. In the article Job Mobility and...Ch. 7.3 - Ethanol Railroad Tariffs. An ethanol railroad...Ch. 7.3 - Taller Young Women. In the document Anthropometric...Ch. 7.3 - Poverty and Dietary Calcium. Calcium is the most...Ch. 7.3 - Early-Onset Dementia. Dementia is the loss of the...Ch. 7.3 - Worker Fatigue. A study by M. Chen et al. titled...Ch. 7.3 - Prob. 78ECh. 7.3 - Use the empirical rule for variables to answer the...Ch. 7.3 - Testing for Content Accuracy. A brand of...Ch. 7.3 - Gestation Periods of Humans. For humans, gestation...Ch. 7.3 - Emergency Room Traffic. A variable is said to have...Ch. 7 - Define sampling error.Ch. 7 - Prob. 2RPCh. 7 - Prob. 3RPCh. 7 - Prob. 4RPCh. 7 - Officer Salaries. The following table gives the...Ch. 7 - Officer Salaries. Refer to Problem 5. a. Use the...Ch. 7 - The following graph shows the curve for a normally...Ch. 7 - Income Tax and the IRS. In 2010, the Internal...Ch. 7 - New Car Passion. Edmunds.com publishes information...Ch. 7 - Prob. 10RPCh. 7 - Prob. 11RPCh. 7 - Prob. 12RPCh. 7 - Western Pygmy-Possum. Refer to Problem 12. a. Find...Ch. 7 - Prob. 14RPCh. 7 - Life Insurance in Force. The American Council of...Ch. 7 - Prob. 16RPCh. 7 - Prob. 17RPCh. 7 - Athletic Coping Skills Inventory. The Athletic...Ch. 7 - Random Numbers. A variable is said to be uniformly...Ch. 7 - Prob. 1FDACh. 7 - At the beginning of this chapter, we discussed a...
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