Auto insurance premiums. Suppose a newspaper article states that the distribution of auto insurance premiums for...
Auto insurance premiums. Suppose a newspaper article states that the distribution of auto insurance premiums for residents of California is approximately normal with a mean of 1619. The article also states that 25% of California residents pay more than 1940.
1. What is the Z score that corresponds to the top 25% (or the 75thth percentile) of the standard normal distribution? Round your answer to 4 decimal places.
2. What is the mean insurance cost?
3. What is the cutoff for the 75thth percentile?
4. Identify the standard deviation of insurance premiums in LA. Round your answer to two decimal places. Hint: Use the information from the first 3 questions in this problem and the formula for finding the z-score.
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Auto insurance premiums. Suppose a newspaper article states that the distribution of auto insurance premiums for...
Auto insurance premiums. Suppose a newspaper article states that the distribution of auto insurance premiums for...
Auto insurance premiums. Suppose a newspaper article states that the distribution of auto insurance premiums for residents of California is approximately normal with a mean of 1598. The article also states that 10% of California residents pay more than 1850. 1. What is the Z score that corresponds to the top 10% (or the 90thth percentile) of the standard normal distribution? Round your answer to 4 decimal places. 2. What is the mean insurance cost? 3. What is the cutoff...
MW-Practice: Provien 2 Problem Value: 1 point(s). Problem Score: 75%. Attempts Remaining: Unlimited. Suppose a newspaper...
MW-Practice: Provien 2 Problem Value: 1 point(s). Problem Score: 75%. Attempts Remaining: Unlimited. Suppose a newspaper article states that the distribution of auto insurance premiums for residents of California is approximately normal with a mean of 1633. The article also states that 30% of California residents pay more than 1875. percentile) of the standard normal distribution? Round your 1. What is the Z score that corresponds to the top 30% (or the 70 answer to 4 decimal places. 524 2....
In a normal distribution, the mean corresponds to: Standard Score: z = Percentile: Which of the...
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Suppose that the distribution of marks on an exam is closely described by a normal curve with a mean of 65. The 84th percentile of this distribution is 75. (a) What is the 16th percentile? (b) What is the approximate value of the standard deviation of exam marks? (c) What z-score is associated with an exam mark of 50? (d) What percentile corresponds to an exam mark of 85? (e) Do you think there were many marks below 35? Explain.
Suppose that the distribution of marks on an exam is closely described by a normal curve...
Suppose that the distribution of marks on an exam is closely described by a normal curve with a mean of 65. The 84th percentile of this distribution is 75. (a) What is the 16th percentile? (b) What is the approximate value of the standard deviation of exam marks? (c) What z-score is associated with an exam mark of 50? (d) What percentile corresponds to an exam mark of 85? (e) Do you think there were many marks below 35? Explain.
Information from the American Institute of Insurance indicates the mean amount of life insurance ...
Information from the American Institute of Insurance indicates the mean amount of life insurance per household in the United States is $135,000. This distribution follows the normal distribution with a standard deviation of $42,000. If we select a random sample of 76 households, what is the standard error of the mean? (Round your answer to the nearest whole number.) What is the expected shape of the distribution of the sample mean? What is the likelihood of selecting a sample with...
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CNNBC recently reported that the mean annual cost of auto insurance is 995 dollars. Assume the standard deviation is 295 dollars, and the cost is normally distributed. You take a simple random sample of 13 auto insurance policies. Round your answers to 4 decimal places. What is the distribution of XX? XX ~ N(,) What is the distribution of ¯xx¯? ¯xx¯ ~ N(,) What is the probability that one randomly selected auto insurance is less than $1019? a simple random...
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Information from the American Institute of Insurance indicates the mean amount of life insurance per household...
Information from the American Institute of Insurance indicates the mean amount of life insurance per household in the United States is $165,000. This distribution follows the normal distribution with a standard deviation of $40,000. If we select a random sample of 50 households, what is the standard error of the mean? (Round your answer to the nearest whole number.) What is the expected shape of the distribution of the sample mean? What is the likelihood of selecting a sample with...
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Claims filed under auto insurance policies follow a normal distribution with mean 19,400 and standard deviation 5,000. What is the probability that the average of 25 randomly selected claims exceeds 20,000?
MW-Practice: Provien 2 Problem Value: 1 point(s). Problem Score: 75%. Attempts Remaining: Unlimited. Suppose a newspaper article states that the distribution of auto insurance premiums for residents of California is approximately normal with a mean of 1633. The article also states that 30% of California residents pay more than 1875. percentile) of the standard normal distribution? Round your 1. What is the Z score that corresponds to the top 30% (or the 70 answer to 4 decimal places. 524 2....
Claims filed under auto insurance policies follow a normal distribution with mean 19,400 and standard deviation 5,000. What is the probability that the average of 25 randomly selected claims exceeds 20,000?
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