Jim has a 5-year-old car in reasonably good condition. He wants to take out a $50,000 term (that is, accident benefit) car insurance policy until the car is 10 years old. Assume that the probability of a car having an accident in the year in which it is x years old is as follows: x= age 5 6 7 8 P(accident) 0.01182 0.01282 0.01386 0.01513 0.01602 Jim is applying to a car insurance company for his car insurance policy. Using the probabilities that the car will have an accident in its 5th, 6th, 7th, 8th, or 9th year, and the $50,000 accident benefit, what is the expected loss to Car Insurance Company for the respective years? Round your answers to the nearest dollar. O $591, $641, S693, $757, $801 O 5581, $641, S693, $747, $801 O $591, $646, $693, $747, $801 O S581, $646, S693, $757, $801 O $591, $641, $693, $747, $801

Jim has a 5-year-old car in reasonably good condition. He wants to take out a $50,000 term (that is, accident benefit) car insurance policy until the car is 10 years old. Assume that the probability of a car having an accident in the year in which it is x years old is as follows: x= age 5 6 7 8 P(accident) 0.01182 0.01282 0.01386 0.01513 0.01602 Jim is applying to a car insurance company for his car insurance policy. Using the probabilities that the car will have an accident in its 5th, 6th, 7th, 8th, or 9th year, and the $50,000 accident benefit, what is the expected loss to Car Insurance Company for the respective years? Round your answers to the nearest dollar. O $591, $641, S693, $757, $801 O 5581, $641, S693, $747, $801 O $591, $646, $693, $747, $801 O S581, $646, S693, $757, $801 O $591, $641, $693, $747, $801

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Description: Jim has a 5-year-old car in reasonably good condition. He wants to take out a$50,000 term (that is, accident benefit) car insurance policy until the car is 10years old. Assume that the probability of a car having an accident in the year inwhich it i

MATLAB: An Introduction with Applications

6th Edition

ISBN:9781119256830

Author:Amos Gilat

Publisher:Amos Gilat

Chapter1: Starting With Matlab

Section: Chapter Questions

Problem 1P

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Concept explainers

Contingency Table

A contingency table can be defined as the visual representation of the relationship between two or more categorical variables that can be evaluated and registered. It is a categorical version of the scatterplot, which is used to investigate the linear relationship between two variables. A contingency table is indeed a type of frequency distribution table that displays two variables at the same time.

Binomial Distribution

Binomial is an algebraic expression of the sum or the difference of two terms. Before knowing about binomial distribution, we must know about the binomial theorem.

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Question

Jim has a 5-year-old car in reasonably good condition. He wants to take out a
$50,000 term (that is, accident benefit) car insurance policy until the car is 10
years old. Assume that the probability of a car having an accident in the year in
which it is x years old is as follows:
x= age
5
6 7 8
9.
P(accident)
0.01182 0.01282 0.01386 0.01513 0.01602
Jim is applying to a car insurance company for his car insurance policy. Using the
probabilities that the car will have an accident in its 5th, 6th, 7th, 8th, or 9th year,
and the $50,000 accident benefit, what is the expected loss to Car Insurance
Company for the respective years? Round your answers to the nearest dollar.
O $591, $641, $693, $757, $801
O $581, $641, $693, $747, $801
O 5591, $646, $693, $747, $801
O $581, $646, $693, $757, $801
O 5591, S641, $693, $747, $801

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