Please write fully answer to all 5 questions, thank you State Farm surance studi
ID: 3203018 • Letter: P
Question
Please write fully answer to all 5 questions, thank you
State Farm surance studie how that in Colorad 65% of the auto insurance aims submitte d for property damage ubmitted by mi under 25 yea of age, suppose (a) Let r be the number of claims made by males under age 25, Make a histogram for the r-distribution probabilities. b) What e probability that two or more are made by male under age 25 Use 3 decimal places (c) What is the expected number of claims made by males under age 25? What is the standard deviation of the r-probability distribution? (Use 2 decirnal places.) property damage nvolving automobile are selected at randomExplanation / Answer
n = 368 , mean = 1505 , sigma = 250
For 90% confidence interval z value = 1.645
Limit = mean + /- z * sigma/ sqrt(n)
Lower limit = 1505 - 1.645 * ( 250 / sqrt(368))
= 1483.56
Upper limit = 1505 +1.645 * ( 250 / sqrt(368))
= 1526.43
For 99% confidence interval z value = 2.576
Lower limit = 1505 - 2.576 * ( 250 / sqrt(368))
= 1471.42
Upper limit = 1505 +2.576 * ( 250 / sqrt(368))
= 1538.57
a) mean = (1.9 + 2.3 + 5.7 + 5.2 + 1.9 + 8.9 + 3.9 + 6.9)/8
= 4.59
Median
1.9 1.9 2.3 3.9 5.2 5.7 6.9 8.9
Median = 3.9 + 5.2 / 2 = 4.55
Mode = 1.9
b) Standard deviation = [( 1.9 - 4.59 ) ^2 + ( 1.9 - 4.59 ) ^2 + ( 2.3 - 4.59 ) ^2 + ( 3.9 - 4.59 ) ^2 +( 5.2 - 4.59 ) ^2 + (5.7 - 4.59 ) ^2 + ( 6.9 - 4.59 ) ^2 + ( 8.9 - 4.59 ) ^2] / 7
= 6.52
CV = (Std. deviation / mean) * 100%
= (6.52 / 4.59) * 100%
= 1.42%
Range
Smallest value = 1.9 , Largest value = 8.9
Range = largest - smallest = 8.9 - 1.9 = 7.0