Reference no: EM1319356
Q1) According to insurance institute of America, a family of 4 spends between $ 400 and $3,800 per year on all kind of insurance. Assume then money spent is uniformly distributed between these amounts.
i) Determine the mean amount spent on insurance?
ii) Determine the standard deviation?
iii) If we choose a family at random, find out the probability they spend less than $2,000 per year on insurance per year?
Q2) Customers experiencing technical difficulty with their Internet cable hook-up may call the 800 number for technical support. It takes technician between 30 seconds to 10 minutes to resolve problem. Distribution for this support time follows uniform distribution.
i) Compute the values of a and b in minutes?
ii) Determine the mean time to resolve problem? Determine the standard deviation of the time?
iii) What percent of problems take more than 5 minutes to resolve?
iv) Assume we wish to determine the middle 50 percent of the problem-solving times. What are the end points of these two times?
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Determining mean amount spent on insurance
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