Statistical Reasoning for Everyday Life (5th Edition)
5th Edition
ISBN: 9780134494043
Author: Jeff Bennett, William L. Briggs, Mario F. Triola
Publisher: PEARSON
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Chapter 8, Problem 2.1F
To determine
Delineate whether it is believed that the literature is enhanced by statistical analysis.
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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 8 Solutions
Statistical Reasoning for Everyday Life (5th Edition)
Ch. 8.1 - Sampling Distribution. Distinguish between a...Ch. 8.1 - Sampling Error. What is a sampling error? How does...Ch. 8.1 - Sample Means and Proportions. What is a sample...Ch. 8.1 - Sample Size. How does the sample size affect how...Ch. 8.1 - Does It Make Sense? For Exercises 58, determine...Ch. 8.1 - Does It Make Sense? For Exercises 58, determine...Ch. 8.1 - Does It Make Sense? For Exercises 58, determine...Ch. 8.1 - Does It Make Sense? For Exercises 58, determine...Ch. 8.1 - Notation. In Exercises 912, identify the notation...Ch. 8.1 - Notation. In Exercises 912, identify the notation...
Ch. 8.1 - Prob. 11ECh. 8.1 - Notation. In Exercises 912, identify the notation...Ch. 8.1 - Prob. 13ECh. 8.1 - Estimating Population Means. When 50 adult females...Ch. 8.1 - Distribution of Sample Means. Assume that cans of...Ch. 8.1 - Distribution of Sample Means. Assume that the...Ch. 8.1 - Sample and Population Proportions. A population...Ch. 8.1 - Sample and Population Proportions. The College of...Ch. 8.1 - Sampling Distribution. A quarterback threw 1...Ch. 8.1 - Sampling Distributions. The ages (in years) of the...Ch. 8.1 - Distributions of Sample Means. In Exercises 2124,...Ch. 8.1 - Distributions of Sample Means. In Exercises 2124,...Ch. 8.1 - Distributions of Sample Means. In Exercises 2124,...Ch. 8.1 - Distributions of Sample Means. In Exercises 2124,...Ch. 8.1 - Distributions of Sample Proportions. In Exercises...Ch. 8.1 - Distributions of Sample Proportions. In Exercises...Ch. 8.1 - Prob. 27ECh. 8.1 - Prob. 28ECh. 8.2 - Statistical Literacy and Critical Thinking...Ch. 8.2 - Margin of Error and Confidence Interval. If you...Ch. 8.2 - 95% Confidence Interval. Once you have constructed...Ch. 8.2 - Sample Size. Suppose you seek a particular margin...Ch. 8.2 - Does It Make Sense? For Exercises 58, determine...Ch. 8.2 - Does It Make Sense? For Exercises 58, determine...Ch. 8.2 - Does It Make Sense? For Exercises 58, determine...Ch. 8.2 - Does It Make Sense? For Exercises 58, determine...Ch. 8.2 - Concepts and Applications Confidence Interval. One...Ch. 8.2 - Margin of Error. Based on a random sample of 48...Ch. 8.2 - Prob. 11ECh. 8.2 - Sample Size. The National Health Examination...Ch. 8.2 - Margins of Error and Confidence Intervals. For...Ch. 8.2 - Margins of Error and Confidence Intervals. For...Ch. 8.2 - Margins of Error and Confidence Intervals. For...Ch. 8.2 - Margins of Error and Confidence Intervals. For...Ch. 8.2 - Sample Sizes. In Exercises 1720, assume that you...Ch. 8.2 - Sample Sizes. In Exercises 1720, assume that you...Ch. 8.2 - Prob. 19ECh. 8.2 - Sample Sizes. In Exercises 1720, assume that you...Ch. 8.2 - 21. Sample Size for TV Survey. Nielsen Media...Ch. 8.2 - Sample Size for Housing Prices. A government...Ch. 8.2 - Sample Size for Mean IQ Score of Californians. The...Ch. 8.2 - Sample Size for Estimating Income. An economist...Ch. 8.2 - Weight of Quarters. You want to estimate the mean...Ch. 8.2 - Weights of Babies. A sample of 100 babies born at...Ch. 8.2 - Time to Graduation. Data from the National Center...Ch. 8.2 - Garbage Production. Based on a sample of 62...Ch. 8.2 - Weights of Bears. The health of the bear...Ch. 8.2 - Cotinine Levels of Smokers. When people smoke, the...Ch. 8.2 - Chocolate Chips. One of the authors of this text...Ch. 8.2 - Prob. 32ECh. 8.3 - Estimating a Population Proportion. Suppose you...Ch. 8.3 - Margin of Error and Confidence Interval. If you...Ch. 8.3 - 95% Confidence Interval. Once you have constructed...Ch. 8.3 - Sample Size. How can you determine an appropriate...Ch. 8.3 - Does It Make Sense? For Exercises 58, determine...Ch. 8.3 - Does It Make Sense? For Exercises 58, determine...Ch. 8.3 - Does It Make Sense? For Exercises 58, determine...Ch. 8.3 - Does It Make Sense? For Exercises 58, determine...Ch. 8.3 - Confidence Interval. The Journal of the American...Ch. 8.3 - Margin of Error. In a study of 1228 randomly...Ch. 8.3 - Confidence Intervals in the Media. Here is a...Ch. 8.3 - Notation. In a Pew Research Center poll, 73% of...Ch. 8.3 - Margins of Error and Confidence Intervals. In...Ch. 8.3 - Margins of Error and Confidence Intervals. In...Ch. 8.3 - Margins of Error and Confidence Intervals. In...Ch. 8.3 - Margins of Error and Confidence Intervals. In...Ch. 8.3 - Sample Size. In Exercises 1720, assume that you...Ch. 8.3 - Sample Size. In Exercises 1720, assume that you...Ch. 8.3 - Sample Size. In Exercises 1720, assume that you...Ch. 8.3 - Sample Size. In Exercises 1720, assume that you...Ch. 8.3 - Nielsen Ratings. Nielsen Media Research uses...Ch. 8.3 - Prob. 22ECh. 8.3 - Hazing of Athletes. A study done by researchers at...Ch. 8.3 - McDonalds Orders. In a study of the accuracy of...Ch. 8.3 - Prob. 25ECh. 8.3 - Global Warming. A Pew Research Center poll...Ch. 8.3 - Drugs in Movies. A study by Stanford University...Ch. 8.3 - Eliquis. The drug Eliquis is used to help prevent...Ch. 8.3 - Prob. 29ECh. 8.3 - Prob. 30ECh. 8.3 - Opinion Poll. A poll finds that 54% of the...Ch. 8.3 - Concealed Weapons. Two-thirds (or 66.6%) of 626...Ch. 8 - One of Mendels famous genetics experiments yielded...Ch. 8 - We want to estimate the mean IQ score for the...Ch. 8 - Prob. 3CRECh. 8 - Prob. 4CRECh. 8 - Prob. 1CQCh. 8 - Prob. 2CQCh. 8 - Prob. 3CQCh. 8 - Prob. 4CQCh. 8 - Assume that we want to estimate the mean annual...Ch. 8 - A random sample of 235 females and 240 males is...Ch. 8 - Prob. 7CQCh. 8 - Prob. 8CQCh. 8 - Prob. 9CQCh. 8 - Prob. 10CQCh. 8 - History Where Did Statistics Begin? The origins of...Ch. 8 - Prob. 2.1F
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