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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!

 Feb 26, 2020
 #1
avatar+21818 
+1

You'll need your z-score tables.....do you know how to use them?

 Feb 26, 2020
 #2
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I do have a z score table but how is it going to help with the probability? I just started probability so I'm still a bit confused. Sorry.

Guest Feb 26, 2020
 #3
avatar+21818 
+1

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

 Feb 26, 2020
 #4
avatar+21818 
+1

#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

 Feb 26, 2020
 #5
avatar+21818 
+1

#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

 Feb 26, 2020

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