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Is it worthwhile economically to purchase the annual towing insurance at a cost of $50.00? a. Yes, since E(X) is greater than $50.00 b. Yes, since E(X) is less than $50.00 C. No, since the E(X) is greater than $50.00 d. No, since E(X) is less than $50.00

Is it worthwhile economically to purchase the annual towing insurance at a cost of $50.00? a. Yes, since E(X) is greater than $50.00 b. Yes, since E(X) is less than $50.00 C. No, since the E(X) is greater than $50.00 d. No, since E(X) is less than $50.00

MATLAB: An Introduction with Applications
MATLAB: An Introduction with Applications
6th Edition
ISBN:9781119256830
Author:Amos Gilat
Publisher:Amos Gilat
Chapter1: Starting With Matlab
Section: Chapter Questions
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Could you help me with Q16？Thanks a lot
e. $24.00 QUESTION 16 Is it worthwhile economically to purchase the annual towing insurance at cost of $50.00? a. Yes, since E(X) is greater than $50.00 b. Yes, since E(X) is less than $50.00 c. No, since the E(X) is greater than $50.00 d. No, since E(X) is less than $50.00 QUESTION 17 Information for Questions 17 and 18: Medication overdoses in nursing homes can be dangerous and e elderly people are underweight, the problem of over-dosage can occur quite often. Suppose the nationa Connecticut nursing homes believes that its' over-dosage rate is comparable to the national over-dosage a medication overdose. Assuming that this corporation's nursing home rate is the same as the national rate, find u and O fo a. u=5 and a=5
Transcribed Image Text:e. $24.00 QUESTION 16 Is it worthwhile economically to purchase the annual towing insurance at cost of $50.00? a. Yes, since E(X) is greater than $50.00 b. Yes, since E(X) is less than $50.00 c. No, since the E(X) is greater than $50.00 d. No, since E(X) is less than $50.00 QUESTION 17 Information for Questions 17 and 18: Medication overdoses in nursing homes can be dangerous and e elderly people are underweight, the problem of over-dosage can occur quite often. Suppose the nationa Connecticut nursing homes believes that its' over-dosage rate is comparable to the national over-dosage a medication overdose. Assuming that this corporation's nursing home rate is the same as the national rate, find u and O fo a. u=5 and a=5
ICH OF CHILDREN O c. 0.60 O d. 0.03 O e. 0.0294 QUESTION 15 Information for Question 15 - 16: Erinn must decide whether to add the cost of towing insurance to ber car insurance policy The additional cost is $50 annually, She has an older car that is not super reliable. She decides to analyze her expected annual towing costs and then she will decide whether it is cost effective for her to buy the towing insurance or not. She estimates the probability that her car will break down and need to be towed once during the year is 0.15. She also estimates that the probability that it will need to be towed twice during the vear is 0.10 Lastly, she believes that it is extremely unlikely that it will need to be towed more that twice, so she assigns probability of 0 to having the car towed more than twice. The typical price of towing a vehicle in CT is approximately $225.00. Let the random variable X- Erinn's towing charges annually. To begin her analysis she completes the table below: X- Amount Spent on Towing Probability Erinn's car does not need to be towed $0.00 Erinn's car needs to be towed once during the year Erinn's car needs to be towed twice during the year Calculate E(X). (Note: EX) - her expected average annua towing charges.) O a. $78.75 O b. $45.00 O c. $240.00 O d. $62.00 O e. $24.00 lick Save and Submit to save and submit. Click Save All Answers to save all answers.
Transcribed Image Text:ICH OF CHILDREN O c. 0.60 O d. 0.03 O e. 0.0294 QUESTION 15 Information for Question 15 - 16: Erinn must decide whether to add the cost of towing insurance to ber car insurance policy The additional cost is $50 annually, She has an older car that is not super reliable. She decides to analyze her expected annual towing costs and then she will decide whether it is cost effective for her to buy the towing insurance or not. She estimates the probability that her car will break down and need to be towed once during the year is 0.15. She also estimates that the probability that it will need to be towed twice during the vear is 0.10 Lastly, she believes that it is extremely unlikely that it will need to be towed more that twice, so she assigns probability of 0 to having the car towed more than twice. The typical price of towing a vehicle in CT is approximately $225.00. Let the random variable X- Erinn's towing charges annually. To begin her analysis she completes the table below: X- Amount Spent on Towing Probability Erinn's car does not need to be towed $0.00 Erinn's car needs to be towed once during the year Erinn's car needs to be towed twice during the year Calculate E(X). (Note: EX) - her expected average annua towing charges.) O a. $78.75 O b. $45.00 O c. $240.00 O d. $62.00 O e. $24.00 lick Save and Submit to save and submit. Click Save All Answers to save all answers.
Expert Solution
Step 1

 

X = Amount spending on towing

Probability

Does not need to be towed

$ 0

0.75

Needs to be towed once in a year

$225

0.15

Needs to be towed twice in a year

$450

0.1
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