Connect Hosted by ALEKS Online Access for Elementary Statistics
3rd Edition
ISBN: 9781260373769
Author: William Navidi
Publisher: MCGRAW-HILL HIGHER EDUCATION
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Chapter 8.3, Problem 39E
To determine
Why given data should not be used to construct a
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In a survey of a group of men, the heights in the 20-29 age group were normally distributed, with a mean of 69.6 inches
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The probability that the study participant selected at random is less than 68 inches tall is 0.4. (Round to four decimal
places as needed.)
20
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PEER REPLY 1:
Choose a classmate's Main Post and review their decision making process.
1. Choose a risk level for each of the states of nature (assign a probability
value to each).
2. Explain why each risk level is chosen.
3. Which alternative do you believe would be the best based on the maximum
EMV?
4. Do you feel determining the expected value with perfect information
(EVWPI) is worthwhile in this situation? Why or why not?
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.
Chapter 8 Solutions
Connect Hosted by ALEKS Online Access for Elementary Statistics
Ch. 8.1 - In Exercises 17—20, fill in each blank with the...Ch. 8.1 - Prob. 18ECh. 8.1 - In Exercises 17—20, fill in each blank with the...Ch. 8.1 - In Exercises 17-20, fill in each blank with the...Ch. 8.1 - In Exercises 21-24, determine whether the...Ch. 8.1 - In Exercises 21-24, determine whether the...Ch. 8.1 - In Exercises 21-24, determine whether the...Ch. 8.1 - Prob. 24ECh. 8.1 - In Exercises 25-28, find the critical value z/2...Ch. 8.1 - In Exercises 25-28, find the critical value z/2...
Ch. 8.1 - In Exercises 25-28, find the critical value z/2...Ch. 8.1 - Prob. 28ECh. 8.1 - In Exercises 29-32, find the levels of the...Ch. 8.1 - In Exercises 29-32, find the levels of the...Ch. 8.1 - In Exercises 29-32, find the levels of the...Ch. 8.1 - In Exercises 29-32, find the levels of the...Ch. 8.1 - A sample of size n=49 is drawn from a population...Ch. 8.1 - Prob. 34ECh. 8.1 - A sample of size n=32 is drawn from a population...Ch. 8.1 - A sample of size n=64 is drawn from a population...Ch. 8.1 - A sample of sue n=10 is drawn from a normal...Ch. 8.1 - Prob. 38ECh. 8.1 - A population has standard deviation 21.3. How...Ch. 8.1 - Prob. 40ECh. 8.1 - A population has standard deviation =12.7 How...Ch. 8.1 - Prob. 42ECh. 8.1 - SAT scores: A college admissions officer takes a...Ch. 8.1 - Prob. 44ECh. 8.1 - Babies: According to the National Health...Ch. 8.1 - Watch your cholesterol: A sample of 314 patients...Ch. 8.1 - How smart is your phone? A random sample of 11...Ch. 8.1 - Stock prices: The Standard and Poors (S=50....Ch. 8.1 - High energy: A random sample of energy drinks had...Ch. 8.1 - Lets shake on it: A random sample of 12-ounce...Ch. 8.1 - Lifetime of electronics: In a simple random sample...Ch. 8.1 - Efficient manufacturing: Efficiency experts study...Ch. 8.1 - Prob. 53ECh. 8.1 - Prob. 54ECh. 8.1 - Prob. 55ECh. 8.1 - Prob. 56ECh. 8.1 - Prob. 57ECh. 8.1 - Prob. 58ECh. 8.1 - Which interval is which? Sam constructed three...Ch. 8.1 - Prob. 60ECh. 8.1 - Prob. 61ECh. 8.1 - Dont construct a confidence interval: A college...Ch. 8.1 - Interpret a confidence interval: A dean at a...Ch. 8.1 - Interpret a confidence interval: A survey...Ch. 8.1 - Interpret calculator display: The number of words...Ch. 8.1 - Prob. 66ECh. 8.1 - Prob. 67ECh. 8.1 - Prob. 68ECh. 8.1 - Prob. 69ECh. 8.1 - Prob. 70ECh. 8.2 - In Exercises 7 and 8, fill in each blank with the...Ch. 8.2 - Prob. 8ECh. 8.2 - Prob. 9ECh. 8.2 - Prob. 10ECh. 8.2 - Find the critical value t/2 needed to construct a...Ch. 8.2 - Find the critical value t/2 needed to construct a...Ch. 8.2 - A sample of size n=22 is drawn from a normal...Ch. 8.2 - A sample of size n=12 is drawn from a normal...Ch. 8.2 - A sample of size n=12 is drawn. Find the critical...Ch. 8.2 - A sample of size n=15 has sample mean x=2.1 and...Ch. 8.2 - A sample of size n=44 has sample mean x=56.9 and...Ch. 8.2 - A sample of size n=89 has sample mean x=87.2 and...Ch. 8.2 - A sample of size n=35 has sample mean x=34.85 and...Ch. 8.2 - Online courses: A sample of 263 students who were...Ch. 8.2 - Get an education: The General Social Survey asked...Ch. 8.2 - Fake Twitter followers: Many celebrities and...Ch. 8.2 - Lets go to the movies: A random sample of 35...Ch. 8.2 - Hip surgery: In a sample of 123 hip surgeries of a...Ch. 8.2 - Sound it out: Phonics is an instructional method...Ch. 8.2 - Software instruction: A hybrid course is one that...Ch. 8.2 - Baby talk: In a sample of 77 children, the mean...Ch. 8.2 - Baby weights: Following are weights: m pounds: of...Ch. 8.2 - Prob. 30ECh. 8.2 - Eat your spinach: Six measurements were made of...Ch. 8.2 - Mortgage rates: Following are interest rates...Ch. 8.2 - Hi-def: Following are prices of a random sample of...Ch. 8.2 - Big salary for the boss: Following is the total...Ch. 8.2 - Prob. 35ECh. 8.2 - Prob. 36ECh. 8.2 - Eat your kale: Kale is a type of cabbage commonly...Ch. 8.2 - Prob. 38ECh. 8.2 - Prob. 39ECh. 8.2 - Prob. 40ECh. 8.2 - Dont construct a confidence interval: There have...Ch. 8.2 - Dont construct a confidence interval: As of July...Ch. 8.2 - Prob. 43ECh. 8.2 - Prob. 44ECh. 8.2 - Prob. 45ECh. 8.2 - Prob. 46ECh. 8.2 - Prob. 47ECh. 8.3 - In Exercises 7 and 8, fill in each blank with the...Ch. 8.3 - In Exercises 7 and 8, fill in each blank with the...Ch. 8.3 - In Exercises 9 and 10, determine whether the...Ch. 8.3 - Prob. 10ECh. 8.3 - Prob. 11ECh. 8.3 - In Exercises 11-14, find the point estimate, the...Ch. 8.3 - In Exercises 11-14, find the point estimate, the...Ch. 8.3 - In Exercises 11-14, find the point estimate, the...Ch. 8.3 - In Exercises 15-18, use the given data to...Ch. 8.3 - In Exercises 15-18, use the given data to...Ch. 8.3 - In Exercises 15-18, use the given data to...Ch. 8.3 - In Exercises 15-18, use the given data to...Ch. 8.3 - Smart phone: Among 238 cell phone owners aged...Ch. 8.3 - Working at home: According to the U.S. Census...Ch. 8.3 - Sleep apnea: Sleep apnea is a disorder in which...Ch. 8.3 - Internet service: An Internet service provider...Ch. 8.3 - Volunteering: The General Social Survey asked 1294...Ch. 8.3 - SAT scores: A college admissions officer sampled...Ch. 8.3 - LOL: In the computer game League of Legends. some...Ch. 8.3 - Prob. 26ECh. 8.3 - Call me: A sociologist wants to construct a 95%...Ch. 8.3 - Reading proficiency: An educator wants to...Ch. 8.3 - Surgical complications: A medical researcher wants...Ch. 8.3 - Hows the economy? A pollster wants to construct a...Ch. 8.3 - Changing jobs: A sociologist sampled 200 people...Ch. 8.3 - Prob. 32ECh. 8.3 - Prob. 33ECh. 8.3 - Prob. 34ECh. 8.3 - Interpret calculator display: A sample of voters...Ch. 8.3 - Prob. 36ECh. 8.3 - Prob. 37ECh. 8.3 - Prob. 38ECh. 8.3 - Prob. 39ECh. 8.3 - Dont construct a confidence interval: At the end...Ch. 8.3 - Prob. 41ECh. 8.3 - Prob. 42ECh. 8.3 - Wilsons interval: The small-sample method for...Ch. 8.4 - In Exercises 5 and 6, fill in each blank with the...Ch. 8.4 - In Exercises 5 and 6, fill in each blank with the...Ch. 8.4 - In Exercises 7 and 8, determine whether the...Ch. 8.4 - Prob. 8ECh. 8.4 - Find the critical values for a 95% confidence...Ch. 8.4 - Find the critical values for a 99% confidence...Ch. 8.4 - Construct a 95% confidence interval for the...Ch. 8.4 - Construct a 99% confidence interval for the...Ch. 8.4 - SAT scores: Scores on the math SAT are normally...Ch. 8.4 - IQ scores: Scores on an IQ test are normally...Ch. 8.4 - Baby weights: are weights of 12 two-month-old baby...Ch. 8.4 - Eat your cereal: Boxes of cereal are labeled as...Ch. 8.4 - Eat your spinach: Six measurements were made of...Ch. 8.4 - Prob. 18ECh. 8.4 - Prob. 19ECh. 8.4 - Using the normal approximation: Refer to Exercise...Ch. 8.4 - Prob. 21ECh. 8.4 - More accuracy: Refer to Exercise 19. Use the more...Ch. 8.4 - Prob. 23ECh. 8.5 - In Exercises 5-12, state which type of parameter...Ch. 8.5 - In Exercises 5-12, state which type of parameter...Ch. 8.5 - In Exercises 5-12, state which type of parameter...Ch. 8.5 - Prob. 8ECh. 8.5 - In Exercises 5-12, state which type of parameter...Ch. 8.5 - In Exercises 5-12, state which type of parameter...Ch. 8.5 - In Exercises 5-12, state which type of parameter...Ch. 8.5 - In Exercises 5-12, state which type of parameter...Ch. 8.5 - Prob. 13ECh. 8.5 - Ages of students: A simple random sample of 100...Ch. 8.5 - Calories in bread: Following are the numbers of...Ch. 8.5 - Credit card debt: In a survey of 1118 U.S. adults...Ch. 8.5 - Windy place: Mt. Washington, New Hampshire, is one...Ch. 8.5 - An apple a day: Following are the numbers of grams...Ch. 8.5 - Pneumonia: In a simple random sample of 1500...Ch. 8.5 - Prob. 20ECh. 8 - Define the following terms: Point estimate...Ch. 8 - Prob. 2CQCh. 8 - Prob. 3CQCh. 8 - Construct a confidence interval for the population...Ch. 8 - Prob. 5CQCh. 8 - Prob. 6CQCh. 8 - Prob. 7CQCh. 8 - Prob. 8CQCh. 8 - Prob. 9CQCh. 8 - Prob. 10CQCh. 8 - Prob. 11CQCh. 8 - Prob. 12CQCh. 8 - Prob. 13CQCh. 8 - Prob. 14CQCh. 8 - Prob. 15CQCh. 8 - Prob. 1RECh. 8 - Prob. 2RECh. 8 - Cost of environmental restoration: In a survey of...Ch. 8 - Prob. 4RECh. 8 - Prob. 5RECh. 8 - Contaminated water: Polychlorinated biphenyls...Ch. 8 - Prob. 7RECh. 8 - Cost of repairs: A sample of eight repair records...Ch. 8 - Cost of repairs: Refer to Exercise 8. Assume the...Ch. 8 - Prob. 10RECh. 8 - Prob. 11RECh. 8 - Sleep time: In a sample of 87 young adults, the...Ch. 8 - Leaking tanks: Leakage from underground fuel tanks...Ch. 8 - Prob. 14RECh. 8 - Prob. 15RECh. 8 - Prob. 1WAICh. 8 - What factors can you think of that may affect the...Ch. 8 - Prob. 3WAICh. 8 - Prob. 4WAICh. 8 - Prob. 5WAICh. 8 - When constructing a confidence interval for , how...Ch. 8 - Prob. 7WAICh. 8 - Prob. 1CSCh. 8 - Prob. 2CSCh. 8 - Prob. 3CSCh. 8 - Prob. 4CSCh. 8 - Prob. 5CS
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