6. (6pts The idea of insurance is that we all face risks that are unlikely but c

Question

6. (6pts The idea of insurance is that we all face risks that are unlikely but carry high cost. Think of a car accident will cause both body injury and property loss. So we form a group to share the risk We all pay a small amount, and the insurance policy pays a large amount to those few of us who have car accidents. The loss from car accidents is extremely right skewed, since most of the drivers don't lose at all, but a few of them ill lose if they have car accidents, A research was done and found out that the average loss for each car insurance is $450, and the standard deviation is $1200 across United States. If an insurance company has 800 customers for car nsurance, what is the chance that the average loss for each car insurance to be higher than 5520? (No polnts will be given without proper steps) XN (1,200, 450 xx 320 10o H : 450 , = 1,200 (450 206) (6ptsme weight of apples in an orchard is approximately normaly dstributed, with mean or 0.7lb, and standard deviation of Q.35lb. If you randomly pick 12 apples and put them in the bag what is the chance that the whole bag of 12 apples' weight is greater than 9.6 lbs? (No points will be given without proper steps) 7· 0-35- i a 4.0-0.3 041 12

Explanation / Answer

Z = (X - ) /
Z = (520 - 450) / 1200

Z = 0.05833

Corresponding p value = 0.4737

PS: We are directed to solve only 1st question if multiple questions are posted

Raw Score (X): 520 Population Mean ():450 Standard Deviation ():1200

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