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6.2 Dental Insurance You plan to purchase dental insurance TRY for your three remaining years in school. The insurance makes a one-time payment of $1,000 in case of a major dental repair (such as an implant) or $100 in case of a minor repair (such as a cavity). If you don't need dental repair over the next 3 years, the insurance expires and you receive no payout. You estimate the chances of requiring a major repair over the next 3 years as 5%, a minor repair as 60% and no repair as 35%. a. Why is X = payout of dental insurance a random variable? b. Is X discrete or continuous? What are its possible values? c. Give the probability distribution of X. tho prob.

6.2 Dental Insurance You plan to purchase dental insurance TRY for your three remaining years in school. The insurance makes a one-time payment of $1,000 in case of a major dental repair (such as an implant) or $100 in case of a minor repair (such as a cavity). If you don't need dental repair over the next 3 years, the insurance expires and you receive no payout. You estimate the chances of requiring a major repair over the next 3 years as 5%, a minor repair as 60% and no repair as 35%. a. Why is X = payout of dental insurance a random variable? b. Is X discrete or continuous? What are its possible values? c. Give the probability distribution of X. tho prob.

MATLAB: An Introduction with Applications
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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6.2 Dental Insurance You plan to purchase dental insurance TRY for your three remaining years in school. The insurance makes a one-time payment of $1,000 in case of a major dental repair (such as an implant) or $100 in case of a minor repair (such as a cavity). If you don't need dental repair over the next 3 years, the insurance expires and you receive no payout. You estimate the chances of requiring a major repair over the next 3 years as 5%, a minor repair as 60% and no repair as 35%. a. Why is X = payout of dental insurance a random variable? b. Is X discrete or continuous? What are its possible values? c. Give the probability distribution of X. tho prob.
Transcribed Image Text:6.2 Dental Insurance You plan to purchase dental insurance TRY for your three remaining years in school. The insurance makes a one-time payment of $1,000 in case of a major dental repair (such as an implant) or $100 in case of a minor repair (such as a cavity). If you don't need dental repair over the next 3 years, the insurance expires and you receive no payout. You estimate the chances of requiring a major repair over the next 3 years as 5%, a minor repair as 60% and no repair as 35%. a. Why is X = payout of dental insurance a random variable? b. Is X discrete or continuous? What are its possible values? c. Give the probability distribution of X. tho prob.
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