Question

If the cost for your car repair is in the lower 5% of automobile repair charges, what is your cost (to two decimals)?

Answer 1

To find the specific car repair cost in the lower 5% without additional statistical data is speculative. Normally, one would need to know the distribution of costs and use statistical parameters such as the mean and standard deviation to compute this figure accurately. The provided examples relate to car repair costs in different contexts but do not offer the exact calculation for your case.

Step-by-step explanation:

If your car repair costs are in the lower 5% of all automobile charges, this typically implies that you would spend less than the majority of others for similar repairs. To determine your exact costs, we would need to know the distribution of car repair prices. For instance, if repair costs are normally distributed, we would look at the z-score table for the 5th percentile and then calculate the corresponding value based on the mean and the standard deviation of repair costs. However, since we don't have specific data distributions and statistical parameters here, we can only make general assumptions.

The information you've provided hints at cost distributions in different scenarios such as damage costs in car crash tests, and an approximation of how expenses for car maintenance are distributed in the first year which follows an exponential distribution. To give a specific figure for the lower 5% of costs without more data would be speculative. So, it's crucial to have detailed statistical data to make accurate calculations for your specific car repair costs.

Answer 2

To find the automobile repair cost in the lower 5%, also known as the 5th percentile, more information is needed, such as the distribution's mean and standard deviation or a complete dataset. The provided examples demonstrate how repair costs can vary and include a percentile example for a damage repair cost at the 90th percentile ($1,700), but do not provide exact costs for the 5th percentile.

Step-by-step explanation:

A statistical data distribution, specifically concerning automobile repair charges. To find the cost associated with the lower 5% of automobile repair charges (the 5th percentile), one would need additional information about the distribution of those costs, such as the mean and standard deviation if the distribution is normal, or a more detailed dataset to analyze.

As an example, let's consider the statement '90 percent of the crash-tested cars had damage repair costs of $1,700 or less; only 10 percent had damage repair costs of $1,700 or more.' This indicates that $1,700 is at the 90th percentile. If costs were normally distributed, the value at the 5th percentile would be significantly lower than $1,700, but the exact value cannot be determined without more data.

If we consider the simplified example of automobile insurance costs given, we can find that the total damages incurred by a group of 100 drivers in a year amounted to $186,000. This example does not give a specific repair cost pertaining to the 5th percentile, but it illustrates how damage costs can vary widely based on the severity of accidents.