1. According to insurance institute of America, family of 4 spends between $ 400 and $3,800 for each year on all kinds of insurance. Assume then money spent is uniformly distributed between these amounts.
- Find out the mean amount spent on insurance?
- Find out the standard deviation?
- If we Choose a family at random, find out the probability they spend less than $2,000 per year on insurance per year?
2. Customers experiencing technical difficulty with their Internet cable hookup might call an 800 number for technical support. It takes the technician between 30 seconds to 10 minutes to solve the problem. The distribution for this support time follows uniform distribution.
- What are the values of a and b in minutes?
- What is mean time to resolve the problem? Find out the standard deviation of time?
- What percent of problems take more than five minutes to resolve?
- Assume we wish to find out the middle 50 percent of problem-solving times. What are the end points of these two times?