An analysis of 3000 household theft claims reveal a mean claim size of 1500 and a standard deviation of 600. Assuming claim be modeled by a lognormal distribution, eestimate the proportions of claims < 1000, and the claim size M with the property that 1000 of the claims would be expected to exceed M.
I'm having particular difficult with this problem. Any suggestions?
I'm having particular difficult with this problem. Any suggestions?