Answered step by step
Verified Expert Solution
Question
1 Approved Answer
In the claims department of an insurance office various quantities are computed at the end of each day's business. On Monday, 20 claims are received
In the claims department of an insurance office various quantities are computed at the
end of each day's business. On Monday, 20 claims are received for a particular class of
policy. The mean claim amount is calculated to be K4,500 and the standard deviation
to be K2,540. On Tuesday, the claims are reviewed and one claim which was incorrectly
recorded as K13,000 is now corrected to K3,000.
Determine the mean and standard deviation of the corrected set of claims.
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started