ALEKS 360 ESSENT. STAT ACCESS CARD
2nd Edition
ISBN: 9781266836428
Author: Navidi
Publisher: MCG
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Chapter 7.3, Problem 37E
a.
To determine
Fill in the blanks with appropriate answer for the given statement.
b.
To determine
Construct a 90% confidence interval for p using the information in the display.
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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.
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.
From a sample of 26 graduate students, the mean number of months of work experience prior to entering an MBA program was 34.67. The national standard deviation is known to be18 months. What is a 90% confidence interval for the population mean?
Question content area bottom
Part 1
A
9090%
confidence interval for the population mean is
left bracket nothing comma nothing right bracketenter your response here,enter your response here.
(Use ascending order. Round to two decimal places as needed.)
Chapter 7 Solutions
ALEKS 360 ESSENT. STAT ACCESS CARD
Ch. 7.1 - Prob. 1CYUCh. 7.1 - Prob. 2CYUCh. 7.1 - Prob. 3CYUCh. 7.1 - Prob. 4CYUCh. 7.1 - Prob. 5CYUCh. 7.1 - Prob. 6CYUCh. 7.1 - Prob. 7CYUCh. 7.1 - Prob. 8CYUCh. 7.1 - Prob. 9CYUCh. 7.1 - 10. Using the output in Exercise 9:
Find the...
Ch. 7.1 - Prob. 11CYUCh. 7.1 - 12. The researchers now plan to construct a 99%...Ch. 7.1 - Prob. 13CYUCh. 7.1 - 14. An IQ test is designed to have scores that...Ch. 7.1 - Prob. 15CYUCh. 7.1 - Prob. 16CYUCh. 7.1 - In Exercises 17–20, fill in each blank with the...Ch. 7.1 - In Exercises 17–20, fill in each blank with the...Ch. 7.1 - Prob. 19ECh. 7.1 - In Exercises 17–20, fill in each blank with the...Ch. 7.1 - In Exercises 21–24, determine whether the...Ch. 7.1 - Prob. 22ECh. 7.1 - Prob. 23ECh. 7.1 - Prob. 24ECh. 7.1 - Prob. 25ECh. 7.1 - In Exercises 25–28, find the critical value zα∕2...Ch. 7.1 - Prob. 27ECh. 7.1 - Prob. 28ECh. 7.1 - Prob. 29ECh. 7.1 - In Exercises 29–32, find the levels of the...Ch. 7.1 - Prob. 31ECh. 7.1 - Prob. 32ECh. 7.1 - Prob. 33ECh. 7.1 - Prob. 34ECh. 7.1 - Prob. 35ECh. 7.1 - 36. A sample of size n = 64 is drawn from a...Ch. 7.1 - 37. A sample of size n = 10 is drawn from a normal...Ch. 7.1 - 38. A sample of size n = 80 is drawn from a normal...Ch. 7.1 - Prob. 39ECh. 7.1 - Prob. 40ECh. 7.1 - Prob. 41ECh. 7.1 - Prob. 42ECh. 7.1 - 43. SAT scores: A college admissions officer takes...Ch. 7.1 - Prob. 44ECh. 7.1 - Prob. 45ECh. 7.1 - Prob. 46ECh. 7.1 - Prob. 47ECh. 7.1 - Prob. 48ECh. 7.1 - Prob. 49ECh. 7.1 - Prob. 50ECh. 7.1 - Prob. 51ECh. 7.1 - Prob. 52ECh. 7.1 - Prob. 53ECh. 7.1 - Prob. 54ECh. 7.1 - Prob. 55ECh. 7.1 - 56. Different standard deviations: Martin and...Ch. 7.1 - Prob. 57ECh. 7.1 - Prob. 58ECh. 7.1 - Prob. 59ECh. 7.1 - Prob. 60ECh. 7.1 - Prob. 61ECh. 7.1 - Prob. 62ECh. 7.1 - Prob. 63ECh. 7.1 - Prob. 64ECh. 7.1 - Interpret computer output: The following MINITAB...Ch. 7.1 - Interpret computer output: The following MINITAB...Ch. 7.1 - Prob. 67ECh. 7.1 - Prob. 68ECh. 7.2 - Prob. 1CYUCh. 7.2 - Prob. 2CYUCh. 7.2 - 3. A potato chip company wants to evaluate the...Ch. 7.2 - Prob. 4CYUCh. 7.2 - Prob. 5CYUCh. 7.2 - Prob. 6CYUCh. 7.2 - Prob. 7ECh. 7.2 - In Exercises 7 and 8, fill in each blank with the...Ch. 7.2 - In Exercises 9 and 10, determine whether the...Ch. 7.2 - In Exercises 9 and 10, determine whether the...Ch. 7.2 - Prob. 11ECh. 7.2 - Prob. 12ECh. 7.2 - Prob. 13ECh. 7.2 - 14. A sample of size n = 22 is drawn from a normal...Ch. 7.2 - 15. A sample of size n = 12 is drawn from a normal...Ch. 7.2 - Prob. 16ECh. 7.2 - 17. A sample of size n = 15 has sample mean and...Ch. 7.2 - Prob. 18ECh. 7.2 - Prob. 19ECh. 7.2 - Prob. 20ECh. 7.2 - Prob. 21ECh. 7.2 - Prob. 22ECh. 7.2 - 23. Fake Twitter followers: Many celebrities and...Ch. 7.2 - Prob. 24ECh. 7.2 - Prob. 25ECh. 7.2 - 26. Sound it out: Phonics is an instructional...Ch. 7.2 - Prob. 27ECh. 7.2 - Prob. 28ECh. 7.2 - Baby weights: Following are weights, in pounds, of...Ch. 7.2 - Eat your cereal: Boxes of cereal are labeled as...Ch. 7.2 - Prob. 31ECh. 7.2 - Mortgage rates: Following are interest rates...Ch. 7.2 - Prob. 33ECh. 7.2 - Big salary for the boss: Following is the total...Ch. 7.2 - Prob. 35ECh. 7.2 - Prob. 36ECh. 7.2 - Prob. 37ECh. 7.2 - Sleeping outlier: A simple random sample of eight...Ch. 7.2 - Prob. 39ECh. 7.2 - Prob. 40ECh. 7.2 - Prob. 41ECh. 7.2 - Prob. 42ECh. 7.2 - Prob. 43ECh. 7.2 - Prob. 44ECh. 7.2 - Prob. 45ECh. 7.2 - Interpret computer output: The following MINITAB...Ch. 7.2 - Prob. 47ECh. 7.3 - A simple random sample of 200 third-graders in a...Ch. 7.3 - Prob. 2CYUCh. 7.3 - A pollster is going to sample a number of voters...Ch. 7.3 - Prob. 4CYUCh. 7.3 - Prob. 5CYUCh. 7.3 - In a simple random sample of 15 seniors from a...Ch. 7.3 - Prob. 7ECh. 7.3 - Prob. 8ECh. 7.3 - Prob. 9ECh. 7.3 - Prob. 10ECh. 7.3 - In Exercises 11–14, find the point estimate, the...Ch. 7.3 - In Exercises 11–14, find the point estimate, the...Ch. 7.3 - Prob. 13ECh. 7.3 - In Exercises 11–14, find the point estimate, the...Ch. 7.3 - In Exercises 15–18, use the given data to...Ch. 7.3 - In Exercises 15–18, use the given data to...Ch. 7.3 - Prob. 17ECh. 7.3 - Prob. 18ECh. 7.3 - Smart phone: Among 238 cell phone owners aged...Ch. 7.3 - Working at home: According to the U.S. Census...Ch. 7.3 - Sleep apnea: Sleep apnea is a disorder in which...Ch. 7.3 - Internet service: An Internet service provider...Ch. 7.3 - Volunteering: The General Social Survey recently...Ch. 7.3 - SAT scores: A college admissions officer sampled...Ch. 7.3 - WOW: In the computer game World of Warcraft, some...Ch. 7.3 - Contaminated water: In a sample of 42 water...Ch. 7.3 - Call me: A sociologist wants to construct a 95%...Ch. 7.3 - Reading proficiency: An educator wants to...Ch. 7.3 - Surgical complications: A medical researcher wants...Ch. 7.3 - Prob. 30ECh. 7.3 - Changing jobs: A sociologist sampled 200 people...Ch. 7.3 - Prob. 32ECh. 7.3 - Small sample: Eighteen concrete blocks were...Ch. 7.3 - Prob. 34ECh. 7.3 - Prob. 35ECh. 7.3 - Prob. 36ECh. 7.3 - Prob. 37ECh. 7.3 - Prob. 38ECh. 7.3 - Prob. 39ECh. 7.3 - Prob. 40ECh. 7.3 - Prob. 41ECh. 7.3 - Prob. 42ECh. 7.3 - Prob. 43ECh. 7.4 - Prob. 1CYUCh. 7.4 - Prob. 2CYUCh. 7.4 - Prob. 3CYUCh. 7.4 - In Exercises 1–4, state which type of parameter is...Ch. 7.4 - Prob. 5ECh. 7.4 - In Exercises 5–10, state which type of parameter...Ch. 7.4 - In Exercises 5–10, state which type of parameter...Ch. 7.4 - Prob. 8ECh. 7.4 - Prob. 9ECh. 7.4 - Prob. 10ECh. 7.4 - Prob. 11ECh. 7.4 - Prob. 12ECh. 7.4 - Prob. 13ECh. 7.4 - Credit card debt: In a survey of 1118 U.S. adults...Ch. 7.4 - Pneumonia: In a simple random sample of 1500...Ch. 7.4 - Prob. 16ECh. 7 - Prob. 1CQCh. 7 - Prob. 2CQCh. 7 - Prob. 3CQCh. 7 - Prob. 4CQCh. 7 - Prob. 5CQCh. 7 - Prob. 6CQCh. 7 - Prob. 7CQCh. 7 - Prob. 8CQCh. 7 - Prob. 9CQCh. 7 - Prob. 10CQCh. 7 - Prob. 11CQCh. 7 - Prob. 12CQCh. 7 - Prob. 13CQCh. 7 - Prob. 14CQCh. 7 - Prob. 15CQCh. 7 - Build more parking? A survey is to be conducted in...Ch. 7 - Drill lifetime: A sample of 50 drills had a mean...Ch. 7 - Cost of environmental restoration: In a survey of...Ch. 7 - More repairs: A sample of six records for repairs...Ch. 7 - Automobile pollution: In a random sample of 85...Ch. 7 - Contaminated water: Polychlorinated biphenyls...Ch. 7 - Defective electronics: A simple random sample of...Ch. 7 - Prob. 8RECh. 7 - High octane: Fifty measurements are taken of the...Ch. 7 - Super Bowl: A simple random sample of 140...Ch. 7 - Prob. 11RECh. 7 - Prob. 12RECh. 7 - Leaking tanks: Leakage from underground fuel tanks...Ch. 7 - Prob. 14RECh. 7 - Prob. 15RECh. 7 - Prob. 1WAICh. 7 - What factors can you think of that may affect the...Ch. 7 - Prob. 3WAICh. 7 - Prob. 4WAICh. 7 - Prob. 5WAICh. 7 - When constructing a confidence interval for μ, how...Ch. 7 - Prob. 1CSCh. 7 - Prob. 2CSCh. 7 - Prob. 3CSCh. 7 - Repeat Exercises 1 and 2 for the Year 2 data. The...Ch. 7 - Prob. 5CS
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