### Insurance Claims and Probability Table The table below provides the amounts of claims and their corresponding probabilities for an insurance company. Use this information to answer the given questions. | Amount of Claim (to the nearest $50,000) | Probability | |-----------------------------------------|-------------| | $0 | 0.65 | | $50,000 | 0.21 | | $100,000 | 0.07 | | $150,000 | 0.04 | | $200,000 | 0.02 | | $250,000 | 0.01 | **Question:** a. Calculate the expected value of the insurance claims. **Instructions:** Enter your answer in the provided answer box and then click "Check Answer." **Note:** Two parts remain to answer. --- To calculate the expected value, multiply each claim amount by its probability, then sum all the results: Expected Value = (0 x 0.65) + (50,000 x 0.21) + (100,000 x 0.07) + (150,000 x 0.04) + (200,000 x 0.02) + (250,000 x 0.01).

### Insurance Claims and Probability Table The table below provides the amounts of claims and their corresponding probabilities for an insurance company. Use this information to answer the given questions. | Amount of Claim (to the nearest $50,000) | Probability | |-----------------------------------------|-------------| | $0 | 0.65 | | $50,000 | 0.21 | | $100,000 | 0.07 | | $150,000 | 0.04 | | $200,000 | 0.02 | | $250,000 | 0.01 | Question: a. Calculate the expected value of the insurance claims. Instructions: Enter your answer in the provided answer box and then click "Check Answer." Note: Two parts remain to answer. --- To calculate the expected value, multiply each claim amount by its probability, then sum all the results: Expected Value = (0 x 0.65) + (50,000 x 0.21) + (100,000 x 0.07) + (150,000 x 0.04) + (200,000 x 0.02) + (250,000 x 0.01).

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Algebra and Trigonometry (6th Edition)

6th Edition

ISBN:9780134463216

Author:Robert F. Blitzer

Publisher:Robert F. Blitzer

ChapterP: Prerequisites: Fundamental Concepts Of Algebra

Section: Chapter Questions

Problem 1MCCP: In Exercises 1-25, simplify the given expression or perform the indicated operation (and simplify,...

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