Suppose the money spent is uniformly distributed
between these amounts.
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 family spends more than
$3,00 per year?
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Normal Probability Distribution
The normal probability distribution is a
continuous
distribution
with the following characteristics
▪
It is
bell-shaped
and has a single peak at the center
of the distribution
▪
The distribution is
symmetric
▪
It is
asymptotic
, meaning the curve approaches but
never touches the X-axis
▪
It is completely
described by its mean and standard
deviation

The Normal Curve

Family of Normal Probability Distributions
Equal
𝝁,
Different
𝝈
Different
𝝁
and
𝝈
Different
𝝁
and Equal
𝝈
Created when
either the
mean or the
standard
deviation
changes