A company that sells annuities must base the annual payout on the probability distribution of the length of life of the participants in the plan. Suppose the probability distribution of the lifetimes of the participants is approximately a normal distribution with a mean of 68 years and a standard deviation of 3.5 years. Find the age at which payments have ceased for approximately 86% of the plan participants. Which parameters in the problem do the data values (68, 3.5) represent? Mark the correct parameters. n N sigma mu x with bar on top P with bar on top s e (x with bar on top) s e (P with bar on top) x p P (x)
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