Answered: Determine the expected value (in Php)…

Math

Probability

Determine the expected value (in Php) that the insurance will pay for a single device.

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...

See similar textbooks

Related questions

Q: which events on the timeline directly led to an increase in death rates

A: Events on the timeline directly led to an increase in death rates:

Q: The amount of time spouses shop for anniversary cards can be modeled by an exponential distribution…

Q: The return period of very severe sea storms resulting in structural failures in a ship is assumed to…

A: Obtain the probability that a ship will not be damaged in 20,000 hours. The probability that a…

Q: The average price for an acre of land in Texas is N(2700, 7802) in dollars. Jaime will survey 121…

A: Given Let the price of the plot be X X~N2700,7802Sample size, n=121

Q: You accept a new job with a starting salary of 48,000. Because of your stellar preformance at work,…

A: The starting salary of the new job is 48,000.Percentage of salary raise at the start of second year…

Q: If the probability of winning a contest is 0.02, what is the probability of NOT winning the contest?…

A: Let say event A is the winning a contest . Given, the probability of winning a contest is 0.02. That…

Q: Please provide 25 formulas in Probability and Statistics.

A: Please find the formulae below. Thank you for choosing Bartleby.

Q: An insurance company sells a policy that pays $50,000.00 in case of accidental death. According to…

A: Here we want to find premium value.

Q: Louis is paid Php 20.00 whenever the results of tossing two coins are both heads but pays Php 10.00…

A: When a coin is tossed then there are 2 possible outcomes: Head and tail. Let us denote H=head T=tail…

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

Q: A man borrows 2000 TL and agrees to pay his creditor 800 TL at the end of 4 years and a final…

Q: The average number of cars that enter the mountain through the tunnel is one every two minutes. If…

A: The Poisson distribution is used to calculate the probability of getting r number of…

Q: The number of days ahead travelers purchase their airline tickets can be modeled by an exponential…

A: The question is about exponential distribution.Given :No. of days travelers wait to purchase a…

Q: A preferred stock from Duquesne Light Company (DQUPRA) pays $3.55 in annual dividends. If the…

Q: The average price for an acre of land in Texas is N(2700, 7802) in dollars. Jaime will survey 121…

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: A student can solve mathematics problems at a rate of one problem per four minutes. Assume that the…

A: The Poisson probability distribution of random variable X is, PX=x=e-λλxx!; x=0,1,2,… In the…

Q: What amount was invested at 3% if it earned an interest of P2,300 in 2 years and 3 months?…

Q: To complete the sale of a house, the you accept a 210-day note for $9,000 at 8% simple interest.…

A: Principal, P=$9000Rate of interest, r=8%=0.08Time, t=30 days

Q: certain disease has an incidence rate of 0.4%. If the false negative rate is 6% and the false…

A: In this question, concept of conditional Probability is applied. Conditional Probability The…

Q: 2. A quiz contains a multiple-choice question with five possible answers, only one of which is…

A: One multiple choice questions and 5 possible answer. In which

Question

A device is insured against early failure. The lifetime of the device (after being bought) is exponentially distributed with an expected lifetime of 4 years. The insurance will pay Php28000 if the device fails within its first year, and Php14000 if the device fails within its second year. If the device fails after the second year, then the insurance pays nothing. Determine the expected value (in Php) that the insurance will pay for a single device. You may enter your answer to the nearest whole number.

Note that "within the first year" means in the interval (0,1] years and "within the second year" means in the interval (1,2] years.

Video Video

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

SEE SOLUTION Check out a sample Q&A here

Step 1q

VIEW

Step 2

VIEW

Step by step

Solved in 2 steps with 1 images

SEE SOLUTION Check out a sample Q&A here

Similar questions

An economist has observed that the time between recessions has an exponential distribution with mean 100 months. Find the probability that the time between recessions will be located in the interval (50, 200) months given that it exceeds 100 months. (Enter your answer to two decimal places. For "0.72", you would write 0.72). Do not round.
A gift card loses 10% of its value every year. At the end of 10 years, what percent of the gift card's original value remains?
Please write your complete solution (paper). Calculate the probability of rolling a die twice and obtaining two fours (4 dots)?
The number of orders received daily by an online vendor of used CDs is normally distributed with mean 220 and standard deviation 20. The company has to hire extra help or pay overtime on those days when the number of orders received is 252 or higher. What percentage of days will the company have to hire extra help or pay overtime?
How much total money will be put into the account and how much total interest will be earned?
Because simple interest is used on short-term notes, the time period is often given in days rather than months or years. We convert this to years by dividing by 360, assuming a 360 day year called a banker's year.
The number of work accidents that occur per week in a mine follows Poisson's law so that the probability of 2 accidents occurring is equal to 3/2 of the probability of an accident occurring. Calculate the probability that the time for the first accident to occur is one week.
The amount of time spouses shop for anniversary cards can be modeled by an exponential distribution with the average amount of time equal to 42 minutes. What is the probability that a randomly selected spouse spends more than 12 but less than 104 minutes to shop for an anniversary card?
The cumulative probability for the entire binomial distribution does not have to sum to 1. True or False.
The interest rate on your credit card is 6% and the credit card company has notified you that your rate will go up by 19 percentage points. What will your new interest rate be?