A baseball team has scheduled its opening game for April 1. If it rains on April 1, the game is postponed and will be played on the next day that it does not rain. The team purchases insurance against rain. The policy will pay $1000 for each day, up to 2 days, that the opening game is postponed. For example, if the game is postponed for 1 day, the company will pay $1000. If the game is postponed for 2 days, the company will pay $2000. But if the game is postponed for more than 2 days, the company will only pay $2000. The insurance company determines that the number of consecutive days of rain beginning on April 1 is a Poisson random variable with mean 0.6. Find the expected amount the insurance company will have to pay. Round your answers to 2 decimal places
A baseball team has scheduled its opening game for April 1. If it rains on April 1, the game is postponed and will be played on the next day that it does not rain. The team purchases insurance against rain. The policy will pay $1000 for each day, up to 2 days, that the opening game is postponed. For example, if the game is postponed for 1 day, the company will pay $1000. If the game is postponed for 2 days, the company will pay $2000. But if the game is postponed for more than 2 days, the company will only pay $2000. The insurance company determines that the number of consecutive days of rain beginning on April 1 is a Poisson random variable with mean 0.6. Find the expected amount the insurance company will have to pay. Round your answers to 2 decimal places
A baseball team has scheduled its opening game for April 1. If it rains on April 1, the game is postponed and will be played on the next day that it does not rain. The team purchases insurance against rain. The policy will pay $1000 for each day, up to 2 days, that the opening game is postponed. For example, if the game is postponed for 1 day, the company will pay $1000. If the game is postponed for 2 days, the company will pay $2000. But if the game is postponed for more than 2 days, the company will only pay $2000. The insurance company determines that the number of consecutive days of rain beginning on April 1 is a Poisson random variable with mean 0.6. Find the expected amount the insurance company will have to pay. Round your answers to 2 decimal places
A baseball team has scheduled its opening game for April 1. If it rains on April 1, the game is postponed and will be played on the next day that it does not rain. The team purchases insurance against rain. The policy will pay $1000 for each day, up to 2 days, that the opening game is postponed. For example, if the game is postponed for 1 day, the company will pay $1000. If the game is postponed for 2 days, the company will pay $2000. But if the game is postponed for more than 2 days, the company will only pay $2000. The insurance company determines that the number of consecutive days of rain beginning on April 1 is a Poisson random variable with mean 0.6. Find the expected amount the insurance company will have to pay. Round your answers to 2 decimal places
Definition Definition Measure of central tendency that is the average of a given data set. The mean value is evaluated as the quotient of the sum of all observations by the sample size. The mean, in contrast to a median, is affected by extreme values. Very large or very small values can distract the mean from the center of the data. Arithmetic mean: The most common type of mean is the arithmetic mean. It is evaluated using the formula: μ = 1 N ∑ i = 1 N x i Other types of means are the geometric mean, logarithmic mean, and harmonic mean. Geometric mean: The nth root of the product of n observations from a data set is defined as the geometric mean of the set: G = x 1 x 2 ... x n n Logarithmic mean: The difference of the natural logarithms of the two numbers, divided by the difference between the numbers is the logarithmic mean of the two numbers. The logarithmic mean is used particularly in heat transfer and mass transfer. ln x 2 − ln x 1 x 2 − x 1 Harmonic mean: The inverse of the arithmetic mean of the inverses of all the numbers in a data set is the harmonic mean of the data. 1 1 x 1 + 1 x 2 + ...
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