Solution-Distribution is independent and identically

Distribution is independent and identically distributed

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Assume each truck's loss distribution is independent and identically distributed and, based upon historical data, you know the mean of the loss distribution for one truck is $4000 and the variance of loss is 11,325,000. Assume an actuarial consultant has concluded that you can be 99 percent certain there will be enough funds available to pay all loss obligations if you set aside the expected loss plus a 10 percent safety loading on each truck. Determine the number of trucks you have.

Reference no: EM133450700

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Distribution is independent and identically distributed

Reference no: EM133450700

Reference no: EM133450700

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