Statistical Reasoning for Everyday Life (5th Edition)
5th Edition
ISBN: 9780134494043
Author: Jeff Bennett, William L. Briggs, Mario F. Triola
Publisher: PEARSON
expand_more
expand_more
format_list_bulleted
Videos
Question
Chapter 9.2, Problem 6E
To determine
Check whether the given statement makes sense or does not make sense.
Expert Solution & Answer
Want to see the full answer?
Check out a sample textbook solution
Students have asked these similar questions
Let X represent the full height of a certain species of tree. Assume that X has a normal probability distribution with mean 203.8 ft and standard deviation 43.8 ft.
You intend to measure a random sample of n = 211trees. The bell curve below represents the distribution of these sample means. The scale on the horizontal axis (each tick mark) is one standard error of the sampling distribution. Complete the indicated boxes, correct to two decimal places.
Image attached. I filled in the yellow boxes and am not sure why they are wrong. There are 3 yellow boxes filled in with values 206.82; 209.84; 212.86.
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.
Chapter 9 Solutions
Statistical Reasoning for Everyday Life (5th Edition)
Ch. 9.1 - Hypotheses and Hypothesis Tests. What is a...Ch. 9.1 - Null and Alternative Hypotheses. What is a mill...Ch. 9.1 - Hypothesis Test Outcomes. What are the two...Ch. 9.1 - P-Value. What is a P-value for a hypothesis?Ch. 9.1 - Does It Make Sense? For Exercises 512, determine...Ch. 9.1 - Does It Make Sense? For Exercises 512, determine...Ch. 9.1 - Significance. The results of my hypothesis test...Ch. 9.1 - Does It Make Sense? For Exercises 512, determine...Ch. 9.1 - Does It Make Sense? For Exercises 512, determine...Ch. 9.1 - Does It Make Sense? For Exercises 512, determine...
Ch. 9.1 - Prob. 11ECh. 9.1 - Does It Make Sense? For Exercises 512, determine...Ch. 9.1 - What Is Significant? In testing a method of gender...Ch. 9.1 - What Is Significant? In testing a method of gender...Ch. 9.1 - Formulating Hypotheses. In Exercises 1522, state...Ch. 9.1 - Formulating Hypotheses. In Exercises 1522, state...Ch. 9.1 - Formulating Hypotheses. In Exercises 1522, state...Ch. 9.1 - Formulating Hypotheses. In Exercises 1522, state...Ch. 9.1 - Prob. 19ECh. 9.1 - Formulating Hypotheses. In Exercises 1522, state...Ch. 9.1 - Formulating Hypotheses. In Exercises 1522, state...Ch. 9.1 - Formulating Hypotheses. In Exercises 1522, state...Ch. 9.1 - Drawing a Conclusion from a Hypothesis Test. If we...Ch. 9.1 - Drawing a Conclusion from a Hypothesis Test. If we...Ch. 9.1 - Drawing a Conclusion from a Hypothesis Test. If we...Ch. 9.1 - Drawing a Conclusion from a Hypothesis Test. If we...Ch. 9.1 - Drawing a Conclusion from a Hypothesis Test. If we...Ch. 9.1 - Drawing a Conclusion from a Hypothesis Test. If we...Ch. 9.2 - Notation. Briefly describe what each of the...Ch. 9.2 - Standard Score. When testing a claim about a...Ch. 9.2 - Critical Values. What do we mean by critical...Ch. 9.2 - Prob. 4ECh. 9.2 - Prob. 5ECh. 9.2 - Prob. 6ECh. 9.2 - Does It Make Sense? For Exercises 512, determine...Ch. 9.2 - Prob. 8ECh. 9.2 - Prob. 9ECh. 9.2 - Prob. 10ECh. 9.2 - Prob. 11ECh. 9.2 - Prob. 12ECh. 9.2 - Using Critical Values to Reject or Not Reject. In...Ch. 9.2 - Using Critical Values to Reject or Not Reject. In...Ch. 9.2 - Using Critical Values to Reject or Not Reject. In...Ch. 9.2 - Using Critical Values to Reject or Not Reject. In...Ch. 9.2 - Using Critical Values to Reject or Not Reject. In...Ch. 9.2 - Using Critical Values to Reject or Not Reject. In...Ch. 9.2 - Using Critical Values to Reject or Not Reject. In...Ch. 9.2 - Using Critical Values to Reject or Not Reject. In...Ch. 9.2 - Using P-Values to Reject or Not Reject. In...Ch. 9.2 - Using P-Values to Reject or Not Reject. In...Ch. 9.2 - Using P-Values to Reject or Not Reject. In...Ch. 9.2 - Using P-Values to Reject or Not Reject. In...Ch. 9.2 - Using P-Values to Reject or Not Reject. In...Ch. 9.2 - Using P-Values to Reject or Not Reject. In...Ch. 9.2 - Prob. 27ECh. 9.2 - Prob. 28ECh. 9.2 - Using P-Values to Reject or Not Reject. In...Ch. 9.2 - Prob. 30ECh. 9.2 - Prob. 31ECh. 9.2 - Prob. 32ECh. 9.2 - Prob. 33ECh. 9.2 - Prob. 34ECh. 9.2 - Hypothesis Tests for Means. For Exercises 3548,...Ch. 9.2 - Hypothesis Tests for Means. For Exercises 3548,...Ch. 9.2 - Hypothesis Tests for Means. For Exercises 3548,...Ch. 9.2 - Prob. 38ECh. 9.2 - Hypothesis Tests for Means. For Exercises 3548,...Ch. 9.2 - Hypothesis Tests for Means. For Exercises 3548,...Ch. 9.2 - Prob. 41ECh. 9.2 - Hypothesis Tests for Means. For Exercises 3548,...Ch. 9.2 - Hypothesis Tests for Means. For Exercises 3548,...Ch. 9.2 - Prob. 44ECh. 9.2 - Prob. 45ECh. 9.2 - Prob. 46ECh. 9.2 - Prob. 47ECh. 9.2 - Prob. 48ECh. 9.2 - Prob. 49ECh. 9.2 - Type I and Type II Errors. In Exercises 4952, a...Ch. 9.2 - Prob. 51ECh. 9.2 - Prob. 52ECh. 9.3 - Notation. What do n, p, p, and P-value represent?Ch. 9.3 - Standard Score. When testing a claim about a...Ch. 9.3 - Prob. 3ECh. 9.3 - P-Value. A P-value of 0.00001 is obtained when...Ch. 9.3 - Prob. 5ECh. 9.3 - Prob. 6ECh. 9.3 - Prob. 7ECh. 9.3 - Does It Make Sense? For Exercises 59, determine...Ch. 9.3 - Prob. 9ECh. 9.3 - Hypothesis Tests for Population Proportions. For...Ch. 9.3 - Prob. 11ECh. 9.3 - Hypothesis Tests for Population Proportions. For...Ch. 9.3 - Hypothesis Tests for Population Proportions. For...Ch. 9.3 - Hypothesis Tests for Population Proportions. For...Ch. 9.3 - Hypothesis Tests for Population Proportions. For...Ch. 9.3 - Prob. 16ECh. 9.3 - Prob. 17ECh. 9.3 - Hypothesis Tests for Population Proportions. For...Ch. 9.3 - Hypothesis Tests for Population Proportions. For...Ch. 9.3 - Hypothesis Tests for Population Proportions. For...Ch. 9.3 - Hypothesis Tests for Population Proportions. For...Ch. 9 - A random sample of 40 quarters minted after 1964...Ch. 9 - In a study of smokers who tried to quit smoking...Ch. 9 - Finding a Job Through Networking. In a survey of...Ch. 9 - A medical student wants to test the claim that...Ch. 9 - Identify the null and alternative hypotheses for...Ch. 9 - Identify the null and alternate hypotheses for...Ch. 9 - Identify the null and alternative hypotheses for...Ch. 9 - Prob. 4CQCh. 9 - Prob. 5CQCh. 9 - Prob. 6CQCh. 9 - In Exercises 510, assume that we want to use a...Ch. 9 - Prob. 8CQCh. 9 - In Exercises 510, assume that we want to use a...Ch. 9 - Prob. 10CQ
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, statistics and related others by exploring similar questions and additional content below.Similar questions
- 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 24arrow_forwardThe number of initial public offerings of stock issued in a 10-year period and the total proceeds of these offerings (in millions) are shown in the table. The equation of the regression line is y = 47.109x+18,628.54. Complete parts a and b. 455 679 499 496 378 68 157 58 200 17,942|29,215 43,338 30,221 67,266 67,461 22,066 11,190 30,707| 27,569 Issues, x Proceeds, 421 y (a) Find the coefficient of determination and interpret the result. (Round to three decimal places as needed.)arrow_forwardQuestions 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.arrow_forward
- Use the accompanying Grade Point Averages data to find 80%,85%, and 99%confidence intervals for the mean GPA. view the Grade Point Averages data. Gender College GPAFemale Arts and Sciences 3.21Male Engineering 3.87Female Health Science 3.85Male Engineering 3.20Female Nursing 3.40Male Engineering 3.01Female Nursing 3.48Female Nursing 3.26Female Arts and Sciences 3.50Male Engineering 3.00Female Arts and Sciences 3.13Female Nursing 3.34Female Nursing 3.67Female Education 3.45Female Engineering 3.17Female Health Science 3.28Female Nursing 3.25Male Engineering 3.72Female Arts and Sciences 2.68Female Nursing 3.40Female Health Science 3.76Female Arts and Sciences 3.72Female Education 3.44Female Arts and Sciences 3.61Female Education 3.29Female Nursing 3.20Female Education 3.80Female Business 3.26Male…arrow_forwardBusiness Discussarrow_forwardCould you please answer this question using excel. For 1a) I got 84.75 and for part 1b) I got 85.33 and was wondering if you could check if my answers were correct. Thanksarrow_forward
- What is one sample T-test? Give an example of business application of this test? What is Two-Sample T-Test. Give an example of business application of this test? .What is paired T-test. Give an example of business application of this test? What is one way ANOVA test. Give an example of business application of this test? 1. One Sample T-Test: Determine whether the average satisfaction rating of customers for a product is significantly different from a hypothetical mean of 75. (Hints: The null can be about maintaining status-quo or no difference; If your alternative hypothesis is non-directional (e.g., μ≠75), you should use the two-tailed p-value from excel file to make a decision about rejecting or not rejecting null. If alternative is directional (e.g., μ < 75), you should use the lower-tailed p-value. For alternative hypothesis μ > 75, you should use the upper-tailed p-value.) H0 = H1= Conclusion: The p value from one sample t-test is _______. Since the two-tailed p-value…arrow_forwardUsing the accompanying Accounting Professionals data to answer the following questions. a. Find and interpret a 90% confidence interval for the mean years of service. b. Find and interpret a 90% confidence interval for the proportion of employees who have a graduate degree. view the Accounting Professionals data. Employee Years of Service Graduate Degree?1 26 Y2 8 N3 10 N4 6 N5 23 N6 5 N7 8 Y8 5 N9 26 N10 14 Y11 10 N12 8 Y13 7 Y14 27 N15 16 Y16 17 N17 21 N18 9 Y19 9 N20 9 N Question content area bottom Part 1 a. A 90% confidence interval for the mean years of service is (Use ascending order. Round to two decimal places as needed.)arrow_forwardIf, based on a sample size of 900,a political candidate finds that 509people would vote for him in a two-person race, what is the 95%confidence interval for his expected proportion of the vote? Would he be confident of winning based on this poll? Question content area bottom Part 1 A 9595% confidence interval for his expected proportion of the vote is (Use ascending order. Round to four decimal places as needed.)arrow_forward
- 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.arrow_forwardA population that is uniformly distributed between a=0and b=10 is given in sample sizes 50( ), 100( ), 250( ), and 500( ). Find the sample mean and the sample standard deviations for the given data. Compare your results to the average of means for a sample of size 10, and use the empirical rules to analyze the sampling error. For each sample, also find the standard error of the mean using formula given below. Standard Error of the Mean =sigma/Root Complete the following table with the results from the sampling experiment. (Round to four decimal places as needed.) Sample Size Average of 8 Sample Means Standard Deviation of 8 Sample Means Standard Error 50 100 250 500arrow_forwardA survey of 250250 young professionals found that two dash thirdstwo-thirds of them use their cell phones primarily for e-mail. Can you conclude statistically that the population proportion who use cell phones primarily for e-mail is less than 0.720.72? Use a 95% confidence interval. Question content area bottom Part 1 The 95% confidence interval is left bracket nothing comma nothing right bracket0.60820.6082, 0.72510.7251. As 0.720.72 is within the limits of the confidence interval, we cannot conclude that the population proportion is less than 0.720.72. (Use ascending order. Round to four decimal places as needed.)arrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
Glencoe Algebra 1, Student Edition, 9780079039897...AlgebraISBN:9780079039897Author:CarterPublisher:McGraw Hill
Big Ideas Math A Bridge To Success Algebra 1: Stu...AlgebraISBN:9781680331141Author:HOUGHTON MIFFLIN HARCOURTPublisher:Houghton Mifflin Harcourt
Algebra: Structure And Method, Book 1AlgebraISBN:9780395977224Author:Richard G. Brown, Mary P. Dolciani, Robert H. Sorgenfrey, William L. ColePublisher:McDougal Littell
Holt Mcdougal Larson Pre-algebra: Student Edition...AlgebraISBN:9780547587776Author:HOLT MCDOUGALPublisher:HOLT MCDOUGAL
Glencoe Algebra 1, Student Edition, 9780079039897...
Algebra
ISBN:9780079039897
Author:Carter
Publisher:McGraw Hill
Big Ideas Math A Bridge To Success Algebra 1: Stu...
Algebra
ISBN:9781680331141
Author:HOUGHTON MIFFLIN HARCOURT
Publisher:Houghton Mifflin Harcourt
Algebra: Structure And Method, Book 1
Algebra
ISBN:9780395977224
Author:Richard G. Brown, Mary P. Dolciani, Robert H. Sorgenfrey, William L. Cole
Publisher:McDougal Littell
Holt Mcdougal Larson Pre-algebra: Student Edition...
Algebra
ISBN:9780547587776
Author:HOLT MCDOUGAL
Publisher:HOLT MCDOUGAL
Hypothesis Testing using Confidence Interval Approach; Author: BUM2413 Applied Statistics UMP;https://www.youtube.com/watch?v=Hq1l3e9pLyY;License: Standard YouTube License, CC-BY
Hypothesis Testing - Difference of Two Means - Student's -Distribution & Normal Distribution; Author: The Organic Chemistry Tutor;https://www.youtube.com/watch?v=UcZwyzwWU7o;License: Standard Youtube License