11.8Question2 ### Insurance Claims and Probability TableThe 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).

Name: 11.8Question2 ### Insurance Claims and Probability TableThe table belo
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Description: 11.8Question2 ### Insurance Claims and Probability TableThe 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 neares