The insurance company sees tha

timer Asked: Jan 20th, 2016

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The insurance company sees that in the entire population of homeowners, the mean loss from fire is μ = $243 and the standard deviation of the loss is σ = $282. The distribution of losses is strongly right-skewed: many policies have $0 loss, but a few have large losses. If the company sells 10450 policies, what is the approximate probability that the average loss will be greater than $255?

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