Answered: Claim sizes, X, for an insurance policy…

Claim sizes, X, for an insurance policy have the following PMF: Find y. (use a decimal number, rounded to the nearest 100th. For example, 0.12) Find P(20 < x ≤ 50)? Find P( 20 ≤ x ≤ 50) ?

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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Question

Claim sizes, X, for an insurance policy have the following PMF:

Find y.
(use a decimal number, rounded to the nearest 100th. For example, 0.12)

Find P(20 < x ≤ 50)?

Find P( 20 ≤ x ≤ 50) ?

X
20
30
40
50
60
Px(x)
0.20
0.10
0.30
0.15
y

Expert Solution

Step 1: Given information:

The Probability Mass Function of $X$ representing claim sizes for an insurance policy is,

$x$	$P subscript X left parenthesis x right parenthesis$
20	0.20
30	0.10
40	0.30
50	0.15
60	$y$

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