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OPTIONAL UIZ 11 The insurance industry uses various factors including age, type of car driven, and driving record to determine an individual's insurance rate. Suppose
OPTIONAL UIZ 11 The insurance industry uses various factors including age, type of car driven, and driving record to determine an individual's insurance rate. Suppose insurance rates for a sample population are normally distributed. a. If the mean annual cost per person is $829 and the standard deviation is $115, what is the range of rates you would expect the middle 50% of the population to pay annually? b. If 900 people were sampled, how many would you expect to pay more than $1000 annually? c. Drivers with several trafc violations represent the top 8%. What is the minimum payment for these reckless drivers? I hope you are not one of them
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