Break-A-Leg Insurance Company sells a​ $500,000 insurance policy to thespians for​ self-inflicted lower-body extremity injury. The premium for the policy is​ $150 per year. If the probability that an actor actually breaks their leg and is paid​ $500,000 is​ 0.0001, compute the expected value the insurance company should expect to receive per policy sold.   The insurance company should expect to receive ​$nothing ​(round to 2 decimal​ places)

Q: The results of a recent survey indicate that when grilling, 59% of all households in the US use a…

A: The number of randomly selected households, The per centage of households in the US that use a gas…

Q: A certain disease has an incidence rate of 0.1%. If the false negative rate is 7% and the false…

A:

Q: has the virus given that they have tested postive does not have the virus given that they test…

A: A certain virus infects one in every 300 people. A test used to detect the virus in a person is…

Q: A really bad carton of 30 eggs contains 8 spoiled eggs. An unsuspecting chef picks 5 eggs at random…

A: Given,no.of spoiled eggs=8no.of unspoiled eggs=22Total no.of eggs=30

Q: A certain disease has an incidence rate of 0.2%. If the false negative rate is 4% and the false…

A:

Q: A baseball player has a batting average of 0.265. What is the probability that he has exactly 2 hits…

A: Given data, p(hit) =p=0.265 sample size (n)=7 x = no. of hits in 7 bats P(x=2) =?

Q: A 38-year-old woman purchases a $300,000 term life insurance policy for an annual payment of $490.…

A: Given Information: A 38-year-old woman purchases a $300,000 term life insurance policy for an annual…

Q: An insurance company sells a $9,000, nine-year term life insurance policy to an individual for $460.…

A: The objective of this question is to calculate the expected return for the insurance company from…

Q: As a fringe benefit, Dennis Taylor receives a $50,000 life insurance policy from his employer. The…

A: Given that  Dennis Taylor receives a $50,000 life insurance policy from his employer. And, the…

Q: A traffic stop light stays red for 29 sec. Drivers arrive at the stop light at random times. What is…

A:

Q: A customer pays  $272.45  for 3-year protection plan for their laptop.  If anything happen to the…

A:

Q: A 30-year-old woman purchases a $100,000 term life insurance policy for an annual payment of $570.…

A: Given problem Given that   A 30-year-old woman purchases a $100,000 term life insurance policy for…

Q: According to survival probability tables, the probability that an 80 year old male living 1…

A: The probability that an 80 year old male living 1 additional year is 0.93, then the probability that…

Q: The probability that a 50-year-old man will survive a fixed length of time is 0.995. An insurance…

A:

Q: An insurance policy on an electrical device pays a benefit of $4800 if the device fails during the…

A:

Q: Miranda decided to buy a $50,000 term life insurance policy from Palmetto Insurance Company to cover…

A: To find the expected cost we will multiply the total amount by the corresponding probability. Age…

Q: The probability that a 50-year old female will die within 1-year is 0.000829. If an insurance…

A: From the provided information, The probability that a 50-year-old female will die within 1-year =…

Q: If the probability that a randomly chosen college student takes statistics is 0.34, then what is the…

A: The probability that a randomly chosen college student takes statistics is 0.34. The probability…

Q: An insurance company sells a $19,000, eight-year term life insurance policy to an individual for…

A: The amount company has to pay if the individual dies = $19,000The probability the individual will…

Q: life insurance policy from Palmetto Insurance Company to cover her until she is 55. She is currently…

A:

Q: A 31-year-old woman purchases a $100,000 term life insurance policy for an annual payment of $410.…

A: Given, The probability that she will survive the year is 0.999056. The probability that she will not…

Q: Maggie is practicing her penalty kicks for her upcoming soccer game. During the practice, she…

A: Sample size, n = 10Probability , p = 65% = 0.65

Q: A certain virus infects one in every 400 people. A test used to detect the virus in a person is…

A:

Q: The price of a stock is $45. The expected annual return on the stock is 15% and the volatility is…

A: From given data we have: Expected annual return = 15% Volatility = 50% The probability that the…

Q: An insurance company sells a $2,000, eight-year term life insurance policy to an individual for…

A: Given that the individual will live for the next eight years is 0.99. So, the probability that the…

Q: Gabrielle has purchased the 2-year extended warranty from a retailer to cover the value of hers new…

A: Given: 2-year extended warranty price=$25 cellphone price =$1400 probability that it gets damaged or…

Q: A 40-year-old man in the U.S. has a 0.248% risk of dying during the next year. An insurance company…

A: Dying risk = 0.248% Probability(dying)= 0.248/100 = 0.00248   P(not dying)= 1 - P(dying) = 1 -…

Q: The chance of winning a lottery game is 1 in approximately 22 million. Suppose you buy a​ $1 lottery…

A: P(win game) = 122 Million = 122000000 winning amount = 6 million $ = 6000000 ticket prize $1 P(lose…

Q: A certain disease has an incidence rate of 0.8%. If the false negative rate is 8% and the false…

A:

Q: If a 60 year-old buys a $1000 life insurance policy at a cost of $70 and has a probability of 0.921…

A: The expectation of the policy until the person reaches 61 is 9 dollarsSo, $9 is equal to 900…

Q: Maggie is practicing her penalty kicks for her upcoming soccer game. During the practice, she…

A:

Q: A 38 -year-old woman purchases a $200,000 term life insurance policy for an annual payment of…

A: The given probability that she will survive the year is 0.999052.

Q: Suppose a person is looking for a one-year life insurance policy. They decide on a $232994 policy.…

A: Probability of dying =0.0006Probability of not dying = 1-0.0006 =0.9994Net profit to company if…

Q: A high school baseball player has a 0.158 batting average. In one game, he gets 8 at bats. What is…

A:

Contingency Table

A contingency table can be defined as the visual representation of the relationship between two or more categorical variables that can be evaluated and registered. It is a categorical version of the scatterplot, which is used to investigate the linear relationship between two variables. A contingency table is indeed a type of frequency distribution table that displays two variables at the same time.

Binomial Distribution

Binomial is an algebraic expression of the sum or the difference of two terms. Before knowing about binomial distribution, we must know about the binomial theorem.