A newly formed life insurance company has underwritten term policies on 120 women between the ages of forty and forty-four. Suppose that each woman has a 1/150 probability of dying during the next calendar year, and that each death requires the company to pay out $50,000 in benefits. Approximate the probability that the company will have to pay at least $150,000 in benefits next year.

Q: In a standard deck of cards, what is the probability that a person selects first a face card and…

A: given data  standard deck of 52 cards  select cards without replacement P(first face card and then…

Q: Suppose the probability of an IRS audit is 2.0 percent for u.s taxpayers who file form 1040and who…

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Q: What is the daily probability of an event that has occurred once in 3 years?

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A: Given: Probability that the city will have a White Christmas on Dec 25th is 25=0.4

Q: Suppose that the average GPA of all students in a large university is 2.8 and the s. d. is  0.65. 49…

A: From the provided information, Mean (µ) = 2.8 Standard deviation (σ) = 0.65 Sample size (n) = 49

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A:

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A:

Q: what is the probability that one randomly selected person will have average income between $72000…

A: From the above calculation we have  Mean= µx̅ = µ = 75847Standard deviations (σx̅ ) =3200

Q: Suppose the influenza vaccine this year is 88% effective to prevent the flu among high-risk…

A: Probability, p = 88% = 0.88Sample size = 25

Q: Find the empirical probability of flipping a coin 10 times

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Q: Based on a Bellowes survey of adults, there is a 0.48 probability that a randomly selected adult…

A:

Q: It is estimated that 3.6% of the general population will live past 90th birthday.  In a graduating…

A: From the provided information, It is estimated that 3.6% of the general population will live past…

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A:

Q: If the probability that your DVD player breaks down before the extended warranty expires is 0.046​,…

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A: Given that an average of 40 calls is required in a typical eight hour shift.

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A:

Q: Suppose the probability of a IRS audit is 2.1% for U.S. taxpayers who file form 1040 and who earned…

A:

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A:

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A: When we flip a coin toss twice then total number of possible outcomes are S = {HH, HT, TH, TT }

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Q: If a 60 year-old buys a $1000 life insurance policy at a cost of $70 and has a probability of 0.921…

A: The expectation of the policy until the person reaches 61 is 9 dollarsSo, $9 is equal to 900…

Contingency Table

A contingency table can be defined as the visual representation of the relationship between two or more categorical variables that can be evaluated and registered. It is a categorical version of the scatterplot, which is used to investigate the linear relationship between two variables. A contingency table is indeed a type of frequency distribution table that displays two variables at the same time.

Binomial Distribution

Binomial is an algebraic expression of the sum or the difference of two terms. Before knowing about binomial distribution, we must know about the binomial theorem.