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:

Efficient

Being efficient refers to achieving maximum productivity with minimum wasted effort or expense.

Tremendous Competition

A highly competitive market condition where numerous competitors strive intensely to win market share.

Financial Markets

Places or systems where financial instruments, such as stocks, bonds, and commodities, are traded between investors.

Efficient

The characteristic of being able to accomplish a task or function with the minimum waste of time and effort; effectiveness combined with resourcefulness.