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    Descriptive Statistics, Normal Distribution

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    1. PTY Company has experienced the following numbers of losses in the past 10 years: 3, 4, 3, 3, 1, 0, 2, 2, 3, 3. Calculate the mean, median, mode, variance, standard deviation, and coefficient of variation for this loss experience.

    2. MDC Corporation's losses are assumed to be distributed normally, with a mean of $10,000 and a standard deviation of $2,000. Calculate the probable range of losses given that the MDC risk manager desires 99 percent confidence in the estimate. How would the range change if only 95 percent confidence was needed?

    3. D has a house valued at $150,000. D takes out insurance in two companies, each policy in the amount of $100,000. If the house is totally destroyed, can D collect in full from both companies? Why or why not?

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    Solution Summary

    3 Questions on mean, median, mode, variance, standard deviation, and coefficient of variation, confidence interval etc have been answered.

    $2.19

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