SCENARIO 8-3 To Become an Actuary,it Is Necessary to Pass a Series

question 34

Short Answer

SCENARIO 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 Scenario 8-3,the mean of the sample is_____ ,while the standard deviation of the sample is_____ .

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Definitions:

Slippery Slope Argument

A logical fallacy that assumes a relatively small first step will lead to a chain of related events culminating in some significant effect, often negative.

Consequences

The results or outcomes that naturally follow from a person's actions or a set of circumstances.

Fallacy Of Composition

The logical error of assuming what is true for a part is also true for the whole.

Slippery Slope Fallacy

A logical fallacy that occurs when an argument suggests that a minor first step will lead to a chain of related and undesired events.