Aiyana has purchased the life insurance policy for her snake for the price of $100 per year and Aiyana will receive $5000 in case if her snake passes away. The insurance company estimated the probability of her snake passing away during the length of the policy to be 0.2%. Let XX be the insurance company's profit. Answer the following questions: 1. Create the probability distribution table for XX : XX outcome profit xx ,$ P(X=x)P(X=x) snake passes away snake survives 2. Use the probability distribution table to find the following: E[X]=μX=E[X]=μX= dollars. (Round the answer to 1 decimal place.) SD[X]=σX=SD[X]=σX= dollars. (Round the answer to 1 decimal place.)
Aiyana has purchased the life insurance policy for her snake for the price of $100 per year and Aiyana will receive $5000 in case if her snake passes away. The insurance company estimated the probability of her snake passing away during the length of the policy to be 0.2%. Let XX be the insurance company's profit. Answer the following questions: 1. Create the probability distribution table for XX : XX outcome profit xx ,$ P(X=x)P(X=x) snake passes away snake survives 2. Use the probability distribution table to find the following: E[X]=μX=E[X]=μX= dollars. (Round the answer to 1 decimal place.) SD[X]=σX=SD[X]=σX= dollars. (Round the answer to 1 decimal place.)
MATLAB: An Introduction with Applications
6th Edition
ISBN:9781119256830
Author:Amos Gilat
Publisher:Amos Gilat
Chapter1: Starting With Matlab
Section: Chapter Questions
Problem 1P
Related questions
Question
Aiyana has purchased the life insurance policy for her snake for the price of $100 per year and Aiyana will receive $5000 in case if her snake passes away. The insurance company estimated the probability of her snake passing away during the length of the policy to be 0.2%. Let XX be the insurance company's profit. Answer the following questions:
1. Create the probability distribution table for XX :
| XX | outcome | profit xx ,$ | P(X=x)P(X=x) |
| snake passes away | |||
|
snake survives |
2. Use the probability distribution table to find the following:
-
- E[X]=μX=E[X]=μX= dollars. (Round the answer to 1 decimal place.)
- SD[X]=σX=SD[X]=σX= dollars. (Round the answer to 1 decimal place.)
Expert Solution
Step 1
Step by step
Solved in 2 steps with 2 images
Recommended textbooks for you
MATLAB: An Introduction with Applications
Statistics
ISBN:
9781119256830
Author:
Amos Gilat
Publisher:
John Wiley & Sons Inc
Probability and Statistics for Engineering and th…
Statistics
ISBN:
9781305251809
Author:
Jay L. Devore
Publisher:
Cengage Learning
Statistics for The Behavioral Sciences (MindTap C…
Statistics
ISBN:
9781305504912
Author:
Frederick J Gravetter, Larry B. Wallnau
Publisher:
Cengage Learning
MATLAB: An Introduction with Applications
Statistics
ISBN:
9781119256830
Author:
Amos Gilat
Publisher:
John Wiley & Sons Inc
Probability and Statistics for Engineering and th…
Statistics
ISBN:
9781305251809
Author:
Jay L. Devore
Publisher:
Cengage Learning
Statistics for The Behavioral Sciences (MindTap C…
Statistics
ISBN:
9781305504912
Author:
Frederick J Gravetter, Larry B. Wallnau
Publisher:
Cengage Learning
Elementary Statistics: Picturing the World (7th E…
Statistics
ISBN:
9780134683416
Author:
Ron Larson, Betsy Farber
Publisher:
PEARSON
The Basic Practice of Statistics
Statistics
ISBN:
9781319042578
Author:
David S. Moore, William I. Notz, Michael A. Fligner
Publisher:
W. H. Freeman
Introduction to the Practice of Statistics
Statistics
ISBN:
9781319013387
Author:
David S. Moore, George P. McCabe, Bruce A. Craig
Publisher:
W. H. Freeman