1. If the statistic (critical value) is incorrectly used instead of the t statistic, the chance of rejecting the null hypothesis __________.
2. A hurricane bond pays the holder a face amount; say $1 million, if the loss caused by hurricane in
a certain country is more $5 million. Suppose that the change for such a storm is 10% per year
and the loss caused follows a normal distribution with mean $6 million and SD $3 million. If a
financial firm sells these bonds for $62,000, what is the chance that the firm loses money if it
only sells one of these bonds?
This question was answered on: May 23, 2022
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