I have tried to do this but I keep getting stuck or getting answers that I know are not correct. Please help and show how to do this so I can understand the rest of the questions I have. Thank you in advance!
+36916 You'll need your z-score tables.....do you know how to use them?
+36916 110 000 - mean =
110 000 - 99 000 = 11 000 11 000/SD = 11000/21000 = .5238 ~~ .52
look at z = .52 on your positive z - score table z=.0..6950 or 69.5%
This is the cumulative area from the Left on the bell curve !!!
you want the area to the RIGHT of this number (GREATER than 110 000) so 100% - 69.5% = 30.5% will have claims bigger than $110 000
Try #2 it is similar and 3 is kinda similar
+36916 #4 Look at you positive z-score table to find the closest value to .9000 (90 %)
z=.8997 is the closest this is 1.28 Standard Deviations ABOVE the mean
Mean + 1.28 * SD = 99 000 + 1.28(21000) = $ 125 880
+36916 #5 find .0500 on your negative z-score table
this would be -1.65 (or -1.64) standard deviations below th e mean
mean - 1.64 SD
99 000 - 1.64(21 000) = 64 560
