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According to the Insurance Institute of America, a family of four spends between $400 and $3,800 per year on all types of insurance, and it has been
According to the Insurance Institute of America, a family of four spends between $400 and $3,800 per year on all types of insurance, and it has been found that any amount between these values is approximately equally likely:
a. What is the mean amount spent on insurance?
b. What is the standard deviation of the amount spent?
c. If we select a family at random, what is the probability they spend less than $2,000 per year on insurance?
d. What is the probability a randomly selected family spends more than $3,000 per year?
e. What is the probability a randomly selected family spends exactly $2,500 per year?