Instruction 8-4 To Become an Actuary,it Is Necessary to Pass a Series

question 43

Short Answer

Instruction 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 Instruction 8-4,the confidence interval will be based on ________ degrees of freedom.

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Definitions:

Deferral

A deferral occurs when cash related to a future revenue or expense has been initially recorded as a liability or an asset.

Unearned Revenue

Money received by a business for goods or services that have yet to be delivered or performed.

Theater Tickets

Documents that grant the holder the right to enter a theater and see a performance.

Performance

The act of executing or accomplishing work, tasks, or duties, often measured against predefined standards.