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1 If the mean of Y is 3 200 then the

1. If the mean of Y is $3,200, then the variance of Y must be larger than $3,200.

2. If E(X) = +2,300, then P(X . 2,300) = 1 / 2.

3. The units of both the mean and standard deviation of Y are dollars.

4. If an insurance policy limits the coverage of an accident to $500,000, then both E(X) and E(Y) must be less than $500,000.

5. If costs associated with accidents rise next year by 5%, then the mean of the random variable X should also increase by 5%.

6. If costs associated with accidents rise next year by 5%, then the standard deviation of the random variable Y should also increase by 5%.

An insurance company uses a random variable X to model the cost of an accident incurred by a female driver who is 20 to 30 years old. A second random variable Y models the cost of an accident by a male driver in the same range of ages. Both random variables are measured in dollars.

2. If E(X) = +2,300, then P(X . 2,300) = 1 / 2.

3. The units of both the mean and standard deviation of Y are dollars.

4. If an insurance policy limits the coverage of an accident to $500,000, then both E(X) and E(Y) must be less than $500,000.

5. If costs associated with accidents rise next year by 5%, then the mean of the random variable X should also increase by 5%.

6. If costs associated with accidents rise next year by 5%, then the standard deviation of the random variable Y should also increase by 5%.

An insurance company uses a random variable X to model the cost of an accident incurred by a female driver who is 20 to 30 years old. A second random variable Y models the cost of an accident by a male driver in the same range of ages. Both random variables are measured in dollars.

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