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Bill has purchased the insurance policy from an insurance company to cover the value of his new RV in case if it gets totaled for the price of $1300 per year. Bill's RV worth $38000 and the probability of him totaling the RV during the length of the policy is estimated to be 0.1%. Let X  be the insurance company's profit. Answer the following questions: 1. Create the probability distribution table for X:  X  outcome profit x ,$  P(X=x)    RV is totaled       RV is not totaled     2. Use the probability distribution table to find the following:  E[X]=μX=        dollars. (Round the answer to 1 decimal place.)  SD[X]=σX=      dollars. (Round the answer to 1 decimal place.)

Bill has purchased the insurance policy from an insurance company to cover the value of his new RV in case if it gets totaled for the price of $1300 per year. Bill's RV worth $38000 and the probability of him totaling the RV during the length of the policy is estimated to be 0.1%. Let X  be the insurance company's profit. Answer the following questions: 1. Create the probability distribution table for X:  X  outcome profit x ,$  P(X=x)    RV is totaled       RV is not totaled     2. Use the probability distribution table to find the following:  E[X]=μX=        dollars. (Round the answer to 1 decimal place.)  SD[X]=σX=      dollars. (Round the answer to 1 decimal place.)

MATLAB: An Introduction with Applications
MATLAB: An Introduction with Applications
6th Edition
ISBN:9781119256830
Author:Amos Gilat
Publisher:Amos Gilat
Chapter1: Starting With Matlab
Section: Chapter Questions
Problem 1P
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Bill has purchased the insurance policy from an insurance company to cover the value of his new RV in case if it gets totaled for the price of $1300 per year. Bill's RV worth $38000 and the probability of him totaling the RV during the length of the policy is estimated to be 0.1%. Let X  be the insurance company's profit. Answer the following questions:

1. Create the probability distribution table for X:

 X  outcome profit x ,$  P(X=x) 
  RV is totaled    
 

RV is not totaled

    

2. Use the probability distribution table to find the following:

    1.  E[X]=μX=        dollars. (Round the answer to 1 decimal place.)
    2.  SD[X]=σX=      dollars. (Round the answer to 1 decimal place.)
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