Question 3 Suppose the average cost of home and contents insurance in New Zealand is $600 per year. If home and contents insurance sots are across New Zealand are uniformly distributed with a minimum $400, what is probability that an individual homeowner is paying less than 500? Suppose home and contents insurance cost are normally distributed with a mean $700 and a standard deviation of $78. What is the probability that a randomly selected household is paying between $600 and $700 for home and contents insurance? [15 marks] H B