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Auto insurance premiums. Suppose a newspaper article states that the distribution of auto insurance premiums for residents of California is approximately normal with a mean of $1,650. The article also states that 25% of California residents pay more than $1,800.

(a) What is the Z-score that corresponds to the top 25% (or the 75th percentile) of the standard normal distribution?

(b) What is the mean insurance cost? What is the cutoff for the 75th percentile?

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Statistics and Probability, Statistics

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