User Account

All Pages

Confidence interval for average car insurance premium

Assignment Help Basic Statistics
Reference no: EM131042562

Insurance is an important part of family spending. Average car insurance per car is of interest to investigate. A random sample of 25 families are surveyed and we obtain the average car insurance premium is $780 and S.d. is $120 per year. Assume the car insurance premium is normally distributed.

(a) Find a 99% confidence interval for the average car insurance premium and interpret your result.

(b) What is the margin of error when using $780 to estimate the population average car insurance premium with 99% confidence? [Hint: (U-L)/2 ]

Reference no: EM131042562

Questions Cloud

Find the probability of getting at least under-performing : The probability worker to be is hardworking is 0.55 and 0.45 under-performing. Find the probability of getting at least an under-performing in an office with 4 workers.
Why san diego port is a local treasure for president : Watch 2 videos and write a one page summary about each of them. The videos are about Why San Diego Port Is A Local Treasure and Bernie for president. 12 Pages Font, Double spaced. No Palgrism.
Write a program to evaluate the arithmetic statement : By using an accumulator type computer with one address instructions3-By using a general register computer with two address instructions4- by using a stack-organized computer with zero-address operation instructions
Using the information from the nightingale project : Using the information from the Nightingale Project A (end of Chapter 9), you will create a MS Project schedule and answer the questions from the end of the case, however, you will note the following changes: When will the project be completed? What i..
Confidence interval for average car insurance premium : (a) Find a 99% confidence interval for the average car insurance premium and interpret your result. (b) What is the margin of error when using $780 to estimate the population average car insurance premium with 99% confidence? [Hint: (U-L)/2 ]
Determine the expected net operating income (noi) from sales : The probabilities are 20%, 50%, and 30% for revenues of $800,000, $1,000,000, and $1,100,000 per year, respectively, and operating expenses are constant at $200,000 per year.
Value of the mean of the two x distributions : Suppose an x distribution has mean μ = 5. Consider two corresponding x distributions, the first based on samples of size n = 49 and the second based on samples of size n = 81. (a) What is the value of the mean of each of the two  x distributions?
Describe methodologies including the independent variables : Describe methodologies, including the independent and dependent variables. How did their work add to the body of literature. Identify new ways they might have interpreted gaps in previous research.
Write a personal reflection on why you chose the category : Write a personal reflection on why you chose the category and topic that you did. Include three (3) reasons why the category and topic is meaningful to you.

Reviews

Write a Review

Basic Statistics Questions & Answers

  Determining probability of two or more fatalities

For patients over age 80, probability is 0.05 that coronary bypass patient will die soon after surgery, if hospital performs eight such operations, determine the probability of two or more fatalities?

  In a study conducted by a local university it was found

in a study conducted by a local university it was found that 25 of college freshmen support increased military

  Find the probability distribution of the profit and the

a mineral economist estimated that a particular mining venture had probability 0.4 of a 30 million loss probability 0.5

  What are a binomial distribution and few real life examples

From the notes of Schroder, Bernd. The Binomial Distribution, Retrieved from; http://www2.latech.edu/~schroder/slides/stat/binom_dist.pdf we have a clear idea what are a binomial distribution and few real life examples

  Characteristics of problem use to find hypothesis test

How would you determine which test would be appropriate to use? What characteristics of the problem would you use to determine which hypothesis test you should use? Explain your answer.

  A standard 6-faced die is rolled twice in an experiment let

a standard 6-faced die is rolled twice in an experiment. let a and b be the outcome of the 1st and 2nd rolls

  Coefficient of determination-interpretation

Compute the coefficient of determination, r 2 , and interpret its meaning.

  Random sample from a uniform distribution

Let X1,..., Xn be a random sample from a uniform distribution on [θ, θ + 1]. Find a 99% con?dence interval for θ, using an appropriate pivot.

  Determine a 95 confidence interval for the mean number of

the data on the number of chocolate chips per bag for 42 bags of chips ahoy cookies were obtained by the students in an

  Find the 95 confidence interval for the mean age at which

a psychologist claims that the mean age at which children start talking is 12.8 months. carlos wanted to check if this

  Services contribution to a new business-class air service

Determine the price and services contribution to a new business-class air service aimed to create a competitive advantage.

  Fish oil and blood pressure

Find the 95% confidence interval and one-sided p-value asked for in Exercise 13(e) and (g) but use a statistical computer package to do so.

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd