3.9 Functions of Two or More Random Variables 175 $100. After the first $100, the insurance company pays the rest of the claim up to a maximum payment of $5000. Any excess must be paid by the policy holder. Suppose that the dollar amount X of a claim has a continuous distribution with p.d.f. f(x) =1/(1+x)² for x > 0 and 0 otherwise. Let Y be the amount that the insurance company has to pay on the claim. a. Write Y as a function of X, i.e., Y =r(X). b. Find the c.d.f. of Y. c. Explain why Y has neither a continuous nor a dis- crete distribution.

3.9 Functions of Two or More Random Variables 175 $100. After the first $100, the insurance company pays the rest of the claim up to a maximum payment of $5000. Any excess must be paid by the policy holder. Suppose that the dollar amount X of a claim has a continuous distribution with p.d.f. f(x) =1/(1+x)² for x > 0 and 0 otherwise. Let Y be the amount that the insurance company has to pay on the claim. a. Write Y as a function of X, i.e., Y =r(X). b. Find the c.d.f. of Y. c. Explain why Y has neither a continuous nor a dis- crete distribution.

MATLAB: An Introduction with Applications

6th Edition

ISBN:9781119256830

Author:Amos Gilat

Publisher:Amos Gilat

Chapter1: Starting With Matlab

Section: Chapter Questions

Problem 1P

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For a fully discrete 2-year term life insurance on (50), you are given: a. Cash flows are annual. b. The annual gross premium is 250. c. The annual hurdle rate for profit calculation is 10%. d. The profit vector is (-165, 100, 125). e. The profit margin for this insurance is 6%. Calculate the probability that (50) will survive one year.
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