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Suppose you work for an insurance company and you sell a $10,000 one year policy at an annual premium of $285. Actuarial tables show that the probability of death during the next year for a person of your customer's age, sex,health etc is 0.002. What is the expected gain (amount of money made by the company) for policy of this type?
Explain the difference between a discrete and a continuous random variable. Give two examples of each type of random variable.
At 5% level of significance, does this sample prove violation of guideline that average patient must pay no more than $250 out of pocket?
A professor wants to determine if his class' anxiety decreases over the course of the semester. He uses a test to measure a random sample of all students enrolled at midterm and again at the end of the course.
Prepare a scatter plot and Interpret the meaning of slope, b1, in this problem
Perform pair wise comparisons of the treatment means by computing a Tukey simultaneous 95 percent confidence interval for each of the pair wise differences μ1 - μ2, μ2 - μ3, and μ2 - μ3. Which type of program content results in the worst mean bran..
She surveys 100 randomly selected families and finds the mean income to be $96,321 with a standard deviation of $9555.With a0.05, is she correct?
One characteristic of billiard balls is their elasticity - the bounce they get when striking one another. A manufacturer of billiard balls is testing three additives to the basic plastic.
A survey of the number of calls received by a sample of Southern Phone Company subscribers last week revealed the following information.
A political action committee decided to poll its membership to determine if they were in favor of a certain potential law, similar to gun control.
A City Survey states that 70 percent of all business owners favor increasing the parking fees. The city has commissioned a random sample of n = 100 business owners.
Imagine that these results are disseminated to the general public through publication and media coverage. Write about one possible harmful consequence that these conclusions could have in the "everyday" world.
625 males, 398 say they have gone to the dentist in the past year. Construct 90% and 95% confidence intervals for the population proportion.
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