A random sample of eight auto drivers insured with a
company and having similar auto insurance policies
was selected. The following table lists their driving experience
(in years) and the monthly auto insurance
premium (in dollars).
Driving Experience(years) 5 2 12 9 15 6 25 16
Monthly Premium(dollars) 64 87 50 71 44 56 42 60
Answer the following questions.
(h) What is the value of the correlation coefficient, r? Is the
linear relationship between the price and the
age strong?
(i) From s and Stdev in your minitab output, calculate Sxx.
(j) Predict the average monthly auto insurance premium for drivers
with 10 years of driving experience and
provide the 95% confidence interval.
(k) Predict the monthly auto insurance premium for a driver with 10
years of driving experience and provide
the 95% prediction interval.
A random sample of eight auto drivers insured with a company and having similar auto insurance...
A random sample of eight auto drivers insured with a company and having similar auto insurance policies was selected. The following table lists their driving experience (in years) and the monthly auto insurance premium (in dollars). Driving Experience(years) 5 2 12 9 15 6 25 16 Monthly Premium(dollars) 64 87 50 71 44 56 42 60 Answer the following questions. (a) Does the insurance premium depend on driving experience or does the driving experience depend on insurance premium? Do you...
Assignment 10 1. A random sample of 37 drivers insured with a company having similar auto insurance policies) was selected The data table lists each of the driver's driving experience in years (DU), and their monthly auto insurance pre- miums in dollars (CU). A researcher wished to determine the following: Correlation: Experience (yrs) 1. On an a priori basis, would the researcher expect a positive or negative inverse) relationship between years driving experience and monthly insurance pre- miums? 4 4...
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