An automobile insurer has found that repair claims are Normally distributed with a mean of $580...
An automobile insurer has found that repair claims are Normally distributed with a mean of $580 and a standard deviation of $530.
(a) Find the
probability that a single claim, chosen at random, will be less
than $560.
ANSWER:
(b) Now suppose that
the next 100 claims can be regarded as a random sample from the
long-run claims process. Find the probability that the average
x¯ of the 100 claims is smaller than $560.
ANSWER:
(c) If a sample larger than 100 claims is considered, there would be chance of getting a sample with an average smaller then $560. (NOTE: Enter ''LESS'', ''MORE'' or ''AN EQUAL'' without the quotes.)
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An automobile insurer has found that repair claims are Normally
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