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
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