SOLUTION: An insurance company's profity on a homeowner's policy has a normal distribution with mean $50 and standard deviation $45
a) Fin the probability the insurance company will exper
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-> SOLUTION: An insurance company's profity on a homeowner's policy has a normal distribution with mean $50 and standard deviation $45
a) Fin the probability the insurance company will exper
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Question 975617: An insurance company's profity on a homeowner's policy has a normal distribution with mean $50 and standard deviation $45
a) Fin the probability the insurance company will experience a loss (negative profit on any single policy?
b) Find the probability the insurance company will average more than $30 profit per policy on a sample of 25 policies? Answer by Fombitz(32388) (Show Source):
You can put this solution on YOUR website! Find the z score when profit equals zero.
Find the probability associated with that z score.
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.
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With the corresponding probability,
This is the probability that the average is less than 30 so find the complement of the area.
