Answer to Question #336810 in Statistics and Probability for Patrick Godfrey

Question

In the claims department of an insurance office various quantities are computed at the end of each day’s business. On Monday, 10 claims are received for a particular class of policy. The mean claim amount is calculated to be £426 and the standard deviation to be £112. On Tuesday it is found that one of Monday’s claims for £545, was classified wrongly and it is removed from the set of 10 claims. Calculate the resulting mean and standard deviation of the reduced set of 9 claims.

Answer 1

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