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TABLE 8-4
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 8-4, for the confidence interval to be valid, it is necessary that test scores of students in the special study program on the actuarial exam be normally distributed.
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Individuals who purchase goods and services for personal use.
Mission Statement
A concise description of a company’s purpose, its goals, and how it serves its stakeholders.
Orientation Session
A meeting or programme designed to introduce new members to a company, institution, or the specifics of a new role.
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A process or meeting in which shareholders assess the performance, strategy, and prospects of a company.
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