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An insurance company has developed the following table to describe the distribution of automobile collision claims paid during the past year. Payment($) .1 .3 10,000 1,000 2,000 2 0 5,000 1 500 8,000 .98 1 .99 Probability (a) Set up a table of intervals of random numbers ranging from 0 to 1 that can be used with the Excel VLOOKUP function to generate values for automobile collision claim payments. Lower End of Interval Upper End of Interval Payment($) x x x X X x 0.85 x 0.06 0.03 0.02 0.02 0.01 0.01 .2 150 200 900 950 1000 100 X x X x X X x 0 500 1,000 2,000 5,000 8,000 10,000

An insurance company has developed the following table to describe the distribution of automobile collision claims paid during the past year. Payment($) .1 .3 10,000 1,000 2,000 2 0 5,000 1 500 8,000 .98 1 .99 Probability (a) Set up a table of intervals of random numbers ranging from 0 to 1 that can be used with the Excel VLOOKUP function to generate values for automobile collision claim payments. Lower End of Interval Upper End of Interval Payment($) x x x X X x 0.85 x 0.06 0.03 0.02 0.02 0.01 0.01 .2 150 200 900 950 1000 100 X x X x X X x 0 500 1,000 2,000 5,000 8,000 10,000

A First Course in Probability (10th Edition)
A First Course in Probability (10th Edition)
10th Edition
ISBN:9780134753119
Author:Sheldon Ross
Publisher:Sheldon Ross
Chapter1: Combinatorial Analysis
Section: Chapter Questions
Problem 1.1P: a. How many different 7-place license plates are possible if the first 2 places are for letters and...
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An insurance company has developed the following table to describe the distribution of automobile collision claims paid during the past year. Payment ($) .1 .3 10,000 .2 0 1,000 2,000 500 1 5,000 8,000 1 .98 .99 Probability (a) Set up a table of intervals of random numbers ranging from 0 to 1 that can be used with the Excel VLOOKUP function to generate values for automobile collision claim payments. Lower End of Interval Upper End of Interval Payment($) X X X X X 0.85 X 0.06 X 0.03 0.02 0.02 0.01 0.01 .2 150 200 900 950 1000 100 X X X X X X X 0 500 1,000 2,000 5,000 8,000 10,000
Transcribed Image Text:An insurance company has developed the following table to describe the distribution of automobile collision claims paid during the past year. Payment ($) .1 .3 10,000 .2 0 1,000 2,000 500 1 5,000 8,000 1 .98 .99 Probability (a) Set up a table of intervals of random numbers ranging from 0 to 1 that can be used with the Excel VLOOKUP function to generate values for automobile collision claim payments. Lower End of Interval Upper End of Interval Payment($) X X X X X 0.85 X 0.06 X 0.03 0.02 0.02 0.01 0.01 .2 150 200 900 950 1000 100 X X X X X X X 0 500 1,000 2,000 5,000 8,000 10,000
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