Problem: Kevin lives in an apartment, if a theft happens, insurance company will reimburse his lost. The amount it pays for theft claims varies evenly from $100 to $3500 depending on the value.
Required:
Question 1: What's the probability that Kevin gets paid between $500 ad $1275 for a theft? Whats the distribution and parameters.
Question 2: If Kevin gets paid at least $1800, whats the probability that he gets paid more than $2400?
Question 3: Whats the first quartile of the amounts the insurance pays?
Question 4: What is the standard deviation of the amounts the insurance pays?