14.By examining the past driving records of city drivers, an insurance company has determined thefollowing probabilities.Miles Driven per YearLess than 10,00010,000-15,000,inclusiveMore than 15,000.TotalM1M3M2Accident0.050.10.150.3No Accident 0.150.20.350.7Total0.20.30.51.0Use the probabilities table to find the probability that a city driver selected at random drives morethan 15,000 miles per year or has an accident.0.650.80.30.15

Answered: Image /qna-images/answer/b7c84dae-0553-464b-b118-3decf0bc90b0.jpg

Answered: 14.By examining the past driving…

A First Course in Probability (10th Edition)

10th Edition

ISBN:9780134753119

Author:Sheldon Ross

Publisher:Sheldon Ross

Chapter1: Combinatorial Analysis

Section: Chapter Questions

Problem 1.1P: a. How many different 7-place license plates are possible if the first 2 places are for letters and...

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The reported cancer rates for men ages 65 and older is 23%. Assume this estimate is the true population proportion of men ages 65 and older who have been diagnosed with some form of cancer. A SRS of 25 men ages 65 and older is taken. Calculate the probability that proportion of men ages 65 and older who have been diagnosed with some form of cancer is more than 0.30. (The answer has to be either A or B) A. 0.2033 B. 0.2236
a. The table below show the proportion of men and women who plan to vote in the next election. Three hundred men and 300 women were randomly selected and asked whether they planned to vote in the next election. men women plan to vote 170 185 do not plan to vote 130 115 What is the relative risk (likelihood) that men will vote versus men will not vote? a.1.567 b. 1.308 c. 0.583 d. 1.433 e. 0.764 b. During a poll, 115 people were randomly selected and asked their political party affiliation. The contingency table below shows the results cross-classified by political party affiliation and sex. Democrat Republican other total male 16 23 25 64 female 28 12 11 51 total 44 35 35 115 Find the conditional distribution of Republicans who are men. a. 0.557 b. 0.657 c. 0.20 d. 0.359 e. 0.25 c. For the given sample data and null hypothesis, compute the value of the test statistic. The claim is that the…
Suppose a stock sells for $45 today. The annual volatility of the stock is 37%, and analysts predict the expected price of the stock in a year will be $50. What is the probability that in one year the stock will sell for more than $53? 28.4% 25.6% O 34.7% O 36.6%
2. Currently there are 25 secondary schools in Miri including private, technical and vocational. The numbers of teachers in each of these schools are as follows: 135 102 120 120 112 128 104 78 105 114 144 98 90 145 122 148 115 155 68 112 98 88 124 94 90 Assuming the population mean of secondary school teachers is normal, what is the probability that the mean number of secondary school teachers is less than 100?
A investment company has an asset A that will produce a cash flow of $5.500 with prob. 0.3 and $8,800 with prob. 0.7. They also own an asset B that pays $1,550 with prob. 0.5 and $3.500 with prob. 0.50. In this case, the probability that the company will earn a total payoff of $10,350 from their portfolio of assets is and the expected value of this portfolio is_ O a15: $10.335 O 0.15: $10885 O 035: $1088S O 035, $10.33s
1. Based on the table that is attached below, what is the probability that a randomly selected man resident is a smoker? 0.571 0.70 0.40 0.90
Determine the following probabilities. Leave your answer as a percent to the nearest tenth (one decimal after converting to %). The probability of spinning an even number or multiple of 5 on the equal section spinner with numbers 1-20. Leave your answer as a percent to the nearest tenth (one decimal) after converting to %. You can leave out the % sign.
Answer part a and b
8. The criteria for ideally insurable losses include all of the following EXCEPT: a. Accidental or unintentional Losses. C. A small carefully defined group of exposures. d. A large number of risk exposures. e. low probability of catastrophic loss.
Use the contingency table to determine the following probabilities. a. P(B or C) b. P(B or D) c. P(A or E) d. P(A or B) a. P(B or C) = 0.56 (Round to two decimal places as needed.) b. P(B or D)= 0.70 (Round to two decimal places as needed.) c. P(A or E) = 0.76 (Round to two decimal places as needed.) d. P(A or B) = (Round to two decimal places as needed.) Event C Event D Event E S Event A 7 14 8 Event B 10 2 9
Year 1 Discussion Questions 2. The following is the experience of Insurer A for the last three years: a. What is the frequency of losses in year 1? b. Calculate the probability of a loss in year 1. c. Calculate the mean losses per year for the collision claims and losses. d. Calculate the mean losses per exposure. e. Calculate the mean losses per claim.. f. What is the frequency of the losses? g. What is the severity of the losses? Number of Exposures 10,000 10,000 10,000 Number of Collision Claims 375 030 420 Collision Losses (5) 350,000 250,000 400,000
An insurance company estimates the probability of an earthquake in the next year to be 0.0013. The average damage done by an earthquake is estimated to be $60,000. If the company offers earthquake insurance for $100, what is their expected value of the policy?

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