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5. DETAILS PREVIOUS ANSWERS MY NOTES ASK YOUR TEACHER The mean annual loss from fire for homeowners in New York State is = $220
5. DETAILS PREVIOUS ANSWERS MY NOTES ASK YOUR TEACHER The mean annual loss from fire for homeowners in New York State is = $220 with a standard deviation of = $140. Suppose we randomly select 144 New York homeowners and measure the fire loss for each homeowner. Let M be the random variable representing the mean fire loss of the 144 selected homeowners. Let T be the random variable representing the total amount (sum) of the fire losses for the 144 selected homeowners a) What theorem will let us treat T and M as approximately normal random variables? Chebychev's Theorem Convolution Theorem 301 Theorem Central Limit Theorem Law of Large Numbers O Monte Carlo Theorem b) What is the expected value of T? c) What is the standard deviation of T? d) What is the approximate probability that T is greater than 30000? e) What is the 90th percentile of the approximate distribution of T? f) What is the expected value of M? [ g) What is the standard deviation of M? h) What is the approximate probability M is greater than 225?|
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