Let X be a random variable representing the number of policies, a life insurance salesman sells per week. It is known that the salesman sells on the average 3 life insurance policies per week. 1. What model would you propose for X? Compute E(X) and V(X). 2. Calculate the probability that in a given week (a) he will sell 2 or more policies but less than 5 policies. (b) he will sell more than 2 policies. 3. Assuming that there are 5 working days per week, what is the probability that in a given day he will sell one policy?

Let X be a random variable representing the number of policies, a life insurance salesman sells per week. It is known that the salesman sells on the average 3 life insurance policies per week. 1. What model would you propose for X? Compute E(X) and V(X). 2. Calculate the probability that in a given week (a) he will sell 2 or more policies but less than 5 policies. (b) he will sell more than 2 policies. 3. Assuming that there are 5 working days per week, what is the probability that in a given day he will sell one policy?

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Description: Let X be a random variable representing the number of policies, a life insurance salesman sellsper week. It is known that the salesman sells on the average 3 life insurance policies per week.1. What model would you propose for X? Compute E (X) and V

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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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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Let X be a random variable representing the number of policies, a life insurance salesman sells
per week. It is known that the salesman sells on the average 3 life insurance policies per week.
1. What model would you propose for X? Compute E (X) and V(X).
2. Calculate the probability that in a given week
(a) he will sell 2 or more policies but less than 5 policies.
(b) he will sell more than 2 policies.
3. Assuming that there are 5 working days per week, what is the probability that in a given day
he will sell one policy?

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