### Create an Account

Home / Questions / According to the Insurance Institute of America a family of four spends between \$400 and \$...

# According to the Insurance Institute of America a family of four spends between \$400 and \$3,800 per year on all types of insurance and it has been found that any amount between these values

According to the Insurance Institute of America, a family of four spends between \$400 and \$3,800 per year on all types of insurance, and it has been found that any amount between these values is approximately equally likely:

a.            What is the mean amount spent on insurance?

b.            What is the standard deviation of the amount spent?

c.             If we select a family at random, what is the probability they spend less than \$2,000 per year on insurance?

d.            What is the probability a randomly selected family spends more than \$3,000 per year?

e.            What is the probability a randomly selected family spends exactly \$2,500 per year?

Apr 04 2020 View more View Less