According to the Insurance Institute of America, a family of four spends between $400 and $3,800 per year on all types of insurance. Suppose the money spent is uniformly distributed between these amounts.
If we select a family at random, what is the probability they spend less than $2,000 per year on insurance per year? (Round your answer to 4 decimal places.)
This question was answered on: Jan 30, 2021
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