Insurance. The annual premium for a $20,000 insurance policy against the theft of a painting is $300. If the (empirical) probability that the painting will be stolen during the year is .03, what is yourexpected return from the insurance company if you take out this insurance?a. Let X be the random variable for the amount of money received from the insurance company in the given year. Complete the payoff table for the random variable X.(Enter the values for the painting being stolen first.).(Type probabilities as decimals.)P₁

We have given that Return values = 20000 - 300, -300 = 19700, -300 And,…

Answered: Insurance. The annual premium for a…

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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A group of students were asked if they carry a credit card. The responses are listed in the table. Class Credit Card Carrier Not a Credit Card Carrier Total Freshman Sophomore Total 13 14 27 A. 0.519 OB. 0.481 O C. 0.675 O D. 0.140 73 60 40 100 If a student is selected at random, find the probability that he or she is a sophomore and owns a credit card. Round your answers to three decimal places.
A coin is flipped 150 times. The results of the experiment are shown in the following table: Heads Tails 63 87 Which of the following statements best describes the experimental probability of getting heads?
A B C Total Male 7 8 3 18 Female 20 4 14 38 Total 27 12 17 56 If one student is chosen at random,find the probability that the student was female OR received a grade of "B". (Leave the answer to four decimal places.)
The table below shows the results of a survey about a junk food tax. Support Oppose Unsure Male 116 370 14 Female 289 389 25 A person is selected at random from the sample. What is the probability that the person is male and supports the tax? Your answer should be a decimal (not a percent) correct to three decimal places.
Suppose that you are offered the following "deal." You roll a six sided die. If you roll a 6, you win $15. If you roll a 3, 4 or 5, you win $1. 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. O If you play many games you will likely lose on average very close to $0.33 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, this is a gambling game and it is always a bad idea to gamble. 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, because you can win $15.00 which is greater than the $10.00 that you can lose. O Yes, since the expected value is 0,…
A B C Total Male 14 18 12 44 Female 6 3 8 17 Total 20 21 20 61 Find the probability that the student was male OR got an "A"
The annual premium for a $20,000 insurance policy against the theft of a painting is $300. If the probability that the painting will be stolen during the year is 0.02, what is your expected return from the insurance company if you take out this insurance? Upload your answer with your work and explanations here
Suppose that you are offered the following "deal." You roll a six sided die. If you roll a 6, you win $9. If you roll a 3, 4 or 5, you win $2. Otherwise, you pay $3.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. You will win this much if you play a game. If you play many games, on average, you will likely win, or lose if negative, close to this amount. This is the most likely amount of money you will win. 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 $9.00 which is greater than the $3.00 that you can lose. No, since the expected value is negative, you would be very likely to come home with less money if you played many games. Yes,…
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 table lists the drinking habits of a group of college students. If a student is chosen at random, find the probability of getting someone who is men or heavy drinker. Round your answer to three decimal places. Sex Regular Drinker Heavy Drinker Total Man Woman Total 87 101 188 0.463 0.032 0.016 0.479 Non-drinker 35 87 122 49 11 60 3 3 6
Which of the following do you think could possibly be true? A. The number of students enrolled at a university decresed by 100% from last year B. The probability that an NFL team win the super bowl this year is 110% C. A student flips a coin 10 times and obeserves 65% of the time the coin lands on tails D.85% of students at a university are enrolled full-Time

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