(1 point) An automobile insurer has found that repair claims are Normally distributed with a mean of $580 and a standard

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1 Point An Automobile Insurer Has Found That Repair Claims Are Normally Distributed With A Mean Of 580 And A Standard 1 (15.33 KiB) Viewed 14 times

(1 point) An automobile insurer has found that repair claims are Normally distributed with a mean of $580 and a standard deviation of $520. (a) Find the probability that a single claim, chosen at random, will be less than $540. ANSWER: (b) Now suppose that the next 90 claims can be regarded as a random sample from the long-run claims process. Find the probability that the average 7 of the 90 claims is smaller than $540. ANSWER: chance of getting a sample with an average smaller then $540. (NOTE: (C) If a sample larger than 90 claims is considered, there would be Enter "LESS", "MORE" or "AN EQUAL" without the quotes.)