In fact, the insurance company sees that in the entire population of homeowners, the mean loss from fire is μ = $300 and the standard deviation of the loss is σ = $400. what are the mean and standard deviation of the average loss for 10 policies? (losses on separate policies are independent. round your standard deviation to two decimal places.)

If we based solving this using the Central Limit Theorem, then if are given n random variables (in this case, losses from fire) and all with mean μ and standard deviation σ, then the distribution of the average of these random variables will behave in a normal distribution with mean μ and standard deviation σ /sqrt (n). Therefore the rules are:

μ’ = μ

σ’ = σ / sqrt (n)

So if we are given 10 policies, n = 10. Therefore the new mean μ’ and standard deviation σ’ are:

μ’ = $300

σ’ = $400 / sqrt (10) = $126.49

introduction, methodology, results, discussion

step-by-step explanation:

an observational study is one which consists of actual observation to record data and then analyse the data.

there are a number of factors that should be analyzed before starting an observational study.

the main four factors are:

i) introduction:   this should be analysed to check whether the purpose of the study is correctly established and the data recorded are appropriate for the study

methodology:   the method of collecting the data, such as whether randomly selected, and whether sample size matches with the population to be studied, whether questions asked are easy to answer by common men, etc.

results: then results such as summary of data with comments should be studied thoroughly

discussion:   the last is the discussion, this can be either by management people or persons who are all interested , etc.

is there a picture

step-by-step explanation: