TABLE 8-3 to Become an Actuary, It Is Necessary to Pass a Pass

question 174

True/False

TABLE 8-3
To become an actuary, it is necessary to pass a series of 10 exams, including the most important one, an exam in probability and statistics. An insurance company wants to estimate the mean score on this exam for actuarial students who have enrolled in a special study program. They take a sample of 8 actuarial students in this program and determine that their scores are: 2, 5, 8, 8, 7, 6, 5, and 7. This sample will be used to calculate a 90% confidence interval for the mean score for actuarial students in the special study program.
-Referring to Table 8-3, if we use the same sample information to obtain a 95% confidence interval, the resulting interval would be narrower than the one obtained here with 90% confidence.

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Definitions:

Crystal Ball

Crystal Ball is often metaphorically used to denote the ability to predict or anticipate future trends or events, commonly in planning and forecasting scenarios.

Probability Distribution

A statistical function that describes all the possible values and likelihoods that a random variable can take within a given range.

Crystal Ball

A software product by Oracle for predictive modeling, forecasting, simulation, and optimization.

Crystal Ball

A metaphor often used to describe the attempt to predict future events or decisions.