Keys Refining Corporation decided to send a special is the dividing point betwee

Question

Keys Refining Corporation decided to send a special is the dividing point between the customers who 94. ten percent of the money charges. What. a. $75.50 b. $78.95 c $80.75 d. $82.80 95,96,97, and 98 pertain to the following data set: According to the Insurance Institute of America, af between $400 and $3,800 per year on all types of insurance is uniformly distributed between these amounts. What spent on insurance? family of four spends 95. The money spent is the mean amount a. $1,200 b. $2,020 c. $2,100 d. $2,250 96. What is the standard deviation of the amount spent? a. $589.10 b. $819.60 c. $981.50 d. $1,015.40 97. If a family is selected at random, what is the probability they spend less than $2,000 each year on their annual insurance cost? a. 2353 b. 3335 c. 3553 d. 4706 98. If a family is selected at random, what is the probability that than $3,000 per year? a. 2353 b. 3335 c. 3553 d. 4706

Explanation / Answer

We have been given params of uniform dist:

a = 400
b = 3800

95. Mean amount = (b+a)/2 = 400+3800 /2 = 2100
c. is correct

96. Stdev = sqrt( (b-a)^2/12) = sqrt( (3800-400)^2/12) = 981.50
c. is correct

97. P(X<x) = P(X<2000) = (x-a)/(b-a) = (2000-400)/(3800-400) = 0.4706
d. is correct

98. P(X>3000) = (b-x)/(b-a) = (3800-3000)/(3800-400) = .2353
Hence, a is correct

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