HW ScPart 1 of 3pointsO PoirAmount of claim(to the nearestProbabilityThe table shows claims and theirprobabilities for an insurancecompany. Use the table to answerparts a through c.$50,000)$0$50,000$100,000$150,000$200,000$250,0000.650.230.080.020.010.01stia. Calculate the expected value.

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Answered: HW Sc Part 1 of 3 points O Poir Amount…

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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Heart failure is due to either natural occurrences (84%) or outside factors (16%). Outside factors are related to induced substances or foreign objects. Natural occurrences are caused by arterial blockage, disease, and infection. Assume that causes of heart failure between individuals are independent. What is the probability that the 3rd patient with heart failure that enters the emergency room is the first one due to outside factors? Round answer to 3 decimal places. Answer is Blank 1 Blank 1 Add your answer
Amount of claim (to nearest $20,000) Probability $0 0.70 $20,000 0.17 $40,000 0.06 $60,000 0.04 $80,000 0.02 $100,000 0.01 A. Calculate the expected value? B. How much should the company charge as an average premium so that it breaks even on its claim costs? C. How much should the company charge to make a profit of $50 per policy?
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Suppose that you are offered the following "deal." You roll a six sided die. If you roll a 6, you win $7. If you roll a 2, 3, 4 or 5, you win $3. Otherwise, you pay $10.a. Complete the PDF Table. List the X values, where X is the profit, from smallest to largest. Round to 4 decimal places where appropriate. Probability Distribution Table X P(X) b. Find the expected profit. $ (Round to the nearest cent)c. Interpret the expected value. This is the most likely amount of money you will win. If you play many games you will likely win on average very close to $1.50 per game. You will win this much if you play a game. d. Based on the expected value, should you play this game? No, this is a gambling game and it is always a bad idea to gamble. Yes, because you can win $7.00 which is greater than the $10.00 that you can lose. Yes, since the expected value is 0, you would be very likely to come very close to breaking even if you played many games, so you might as…
The probability that a 22-year-old female in the U.S. will die within one year is approximately 0.00044. If an insurance company sells a one-year, $20,000 life insurance policy to such a person for $295, what is the company's expectation? (Round your answer to the nearest dollar.)$
Just complete sub parts d,e, and f
The probability that a 80-year-old female in the U.S. will die within one year is about 0.048711. An insurance company is preparing to sell a 80-year-old female a one-year, $20,000 life insurance policy. How much should it charge for its premium in order to have a positive expectation for the policy? (Round your answer to the nearest dollar.)$
Suppose that you are offered the following "deal." You roll a six sided die. If you roll a 6, you win $13. If you roll a 2, 3, 4 or 5, you win $1. Otherwise, you pay $7. a. Complete the PDF Table. LIst the X values, where X is the profit, from smallest to largest. Round to 4 decimal places where appropriate. Probability Distribution Table X P(X) b. Find the expected profit. $__________(Round to the nearest cent). c. Interperet the expected value. O You will win this much if you play a game. O If you play many games you wil likely win on average very close to $1.67 per game. O This is the most likely amount of money yuo will win. d. Based on the expected value, should you play this game? O Yes, since the expected value is positive , you would be very likely to come home with more money if you played many games. O Yes, since the expected value is 0, you would be very likely to come very close to breaking even if you played many games, so…
Suppose that you are offered the following "deal." You roll a six sided die. If you roll a 6, you win $17. If you roll a 2, 3, 4 or 5, you win $4. Otherwise, you pay $6. a. Complete the PDF Table. List the X values, where X is the profit, from smallest to largest. Round to 4 decimal places where appropriate. Probability Distribution Table P(X) b. Find the expected profit. $ (Round to the nearest cent) c. Interpret the expected value. O This is the most likely amount of money you will win. Oif you play many games you will likely win on average very close to $4.50 per game. O You will win this much if you play a game. d. Based on the expected value, should you play this game? O No, since the expected value is negative, you would be very likely to come home with less money if you played many games. O Yes, since the expected value is positive, you would be very likely to come home with more money if you played many games. O No, this is a gambling game and it is always a bad idea to gamble.…

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