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Stats problem (halp!)
Chu
poopspeesRegistered User regular
poopspeesRegistered User regular
The average size of insurance claims processed by Good-Wish Insurance Company for the month of August is $741. If you assume that the population of insurance claims is not symmetric, at least what percent of claims is within 2.4 standard deviations of the mean?
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BTW this isn't homework so don't call me a cheater. A friend at Drexel showed it to me and won't give me the answer and I'm racking my brain. I can't figure out the variance without the SD. I can't figure out the SD without some samples to establish squares. I don't get it.
Someone please stop this from annoying me.
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BTW this isn't homework so don't call me a cheater. A friend at Drexel showed it to me and won't give me the answer and I'm racking my brain. I can't figure out the variance without the SD. I can't figure out the SD without some samples to establish squares. I don't get it.
Someone please stop this from annoying me.
Chu on
0
Posts
What? Incorrect compared to what "correct" answer? Given the parameters you described, Chebychev's is the only way to answer your question.
(1 - 1/(2.4^2))% = 83%.
It's an automated thing- you can try to submit the answer (the work's due tomorrow, apparently) and if you get it wrong it changes the figures. It went to 1.6 for the number of standard deviations and I did that precisely and that's what showed up as 'wrong' before I read your response.
(1-1/(1.6^2))%
(1-1/(2.56)%
(1-.390625)%
(.609375)%
60.94%
It specifies to round two digits after the decimal. Maybe I should do 1-.39, since that's the place for the final solution. That would give me flatout 61%. I'll try that.
Thanks for the help, dude. I thought I had it right. Since it's not my homework I'll just let my friend Steve try to tinker it himself... I'm pretty sure it's a matter of precision so now that I know how to actually do it (what was bugging me) I'm cool.
[solved]
Pardon, sorry for the misunderstanding.
What I meant when I said it isn't homework is that I'm not trying to figure out the answer for homework. It's a homework problem my friend was assigned that's due online for him. He got his guess at the answer and asked me what I thought it was so I was trying to figure it out for myself.