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4. An insurance company classifies people into one of the three classes - good risks, average risks and bad risks. 30% of the population are labelled as "good risk",60% as "average risk" and the remaining as "bad risk". Their records indicate that over a 1-year span 10% of good risk people, 20% of average risk people, and 30% of bad risk people are involved in an accident.Determine the probability of a randomly selected policy holder being involved in an accident.

4. An insurance company classifies people into one of the three classes - good risks, average risks and bad risks. 30% of the population are labelled as "good risk",60% as "average risk" and the remaining as "bad risk". Their records indicate that over a 1-year span 10% of good risk people, 20% of average risk people, and 30% of bad risk people are involved in an accident.Determine the probability of a randomly selected policy holder being involved in an accident.

A First Course in Probability (10th Edition)
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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4. An insurance company classifies people into one of the three classes – good risks, average risks and bad risks. 30% of the population are labelled as "good risk", 60% as "average risk" and the remaining as "bad risk". Their records indicate that over a 1-year span 10% of good risk people, 20% of average risk people, and 30% of bad risk people are involved in an accident.Determine the probability of a randomly selected policy holder being involved in an accident.
Transcribed Image Text:4. An insurance company classifies people into one of the three classes – good risks, average risks and bad risks. 30% of the population are labelled as "good risk", 60% as "average risk" and the remaining as "bad risk". Their records indicate that over a 1-year span 10% of good risk people, 20% of average risk people, and 30% of bad risk people are involved in an accident.Determine the probability of a randomly selected policy holder being involved in an accident.
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