FREE Trial
Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

An insurance company took a random sample of 201 accident claims and found that the average repair cost was $975 with a standard deviation of

An insurance company took a random sample of 201 accident claims and found that the average repair cost was $975 with a standard deviation of $300.

What is the point estimate and the standard error of the mean? Explain.

Find the 90% confidence interval estimate.

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Commodity Market Trading And Investment

Commodity Market Trading And Investment

Authors: Tom James

1st Edition

1137432802, 978-1137432803

More Books

Students also viewed these Finance questions

Question

★★★★★
Name at least three accounts that would normally appear in the chart of accounts of a merchandising business but would not appear in the chart of accounts of a service business.

Answered: 1 week ago

Question

★★★★★
=+20.21. Suppose that the sequence {X ,, ) is fundamental in probability in the sense that for e positive there exists an N, such that P[IX ,, - X,1>] N ..

Answered: 1 week ago

Question

★★★★★
Ive scheduled preliminary interviews with five key people. Because youve been so busy with Visible Analyst, I decided to do the first round of interviews myself, Anna tells Chip as they begin their...

Answered: 1 week ago

Question

★★★★★
please calculations clearly Q#3-10 points Determine the efficiency of an investment of 200 million $ if the expected monthly income for the first five months is respectively: 20; 40; 50; 80 and 100...

Answered: 1 week ago

Question

★★★★★
World Co. paid $45,000 to buy 10% Fenridge Power bonds payable. The bonds pay semi-annual interest on June 30th and December 31st. World Co. paid $100 commission World Co. intends to hold these bonds...

Answered: 1 week ago

Question

★★★★★
At the end of Year o Jarrett Corp. developed the following forecasts of net income: Forecasted Year Net Income Year 1 $20,856 Year 2 $22,733 Year 3 $24,552 Year 4 $27,252 Year 5 $29,978 Management...

Answered: 1 week ago

Question

★★★★★
write a Business Memo The cafeteria at the college is a private company and is raising the price of the food. As a cafeteria manager, you must tell all your employees in your organization, the...

Answered: 1 week ago

Question

★★★★★
What measure have been undertaken by hospitals to control the costs of pharmaceuticals given the freedom physicians have to prescribe with no accountability for costs? Thoroughly defend your answer.

Answered: 1 week ago

Question

★★★★★
Assume the beach along the coast of Alaska has a slope of 1/250 and that the swell has the mean direction of propagation of 27 degrees, what is the alongshore flow rate? Would the flow rate change...

Answered: 1 week ago

Question

★★★★★
Describe how the distribution strategy creates value for the target. Compare the distribution strategy to competitors

Answered: 1 week ago

Question

★★★★★
Social benefits and programmes (flexible benefit plans, workplace childcare programmes, career-break schemes and maternity leave programmes) will be less prevalent in countries with higher levels of...

Answered: 1 week ago

Question

★★★★★
2 What are the connections between incentives provided by corporations and the cultural requirements of people working within them?

Answered: 1 week ago

Question

★★★★★
a valuing of personal and psychological privacy;

Answered: 1 week ago

Previous Question Next Question