Need help with part d). Thank you :)
MATLAB: An Introduction with Applications
6th Edition
ISBN:9781119256830
Author:Amos Gilat
Publisher:Amos Gilat
Chapter1: Starting With Matlab
Section: Chapter Questions
Problem 1P
Related questions
Question
Need help with part d). Thank you :)
![Based on claims records kept over a long period, an insurance company estimates the
probability distribution of the number of claims a randomly selected policyholder will make
in five years.
Call this random variable X. The estimated distribution of X is shown in the
table at the top of the next page.
X
0
1
2
3
4
5
6
P(X=x)
0.317
0.286
0.199
0.121
0.056
0.014
0.007
a) Calculate the mean and variance of X.
b) Calculate the mean and variance of the total number of claims that would be made
by 1000 policyholders in five years.
c) State the approximate distribution of the total number of claims made by 1000
policyholders in five years. On what theoretical basis can this approximation be
made?
d) What are the approximate probabilities 1000 policyholders will make:
i. more than 1400 claims in five years.
11.
between 800 and 1500 claims in five years.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F3cb672f7-47ed-4ee3-be4e-71db737c6150%2Fd4098f25-1b36-4062-aee2-e252fb73b459%2Frcb3sne_processed.png&w=3840&q=75)
Transcribed Image Text:Based on claims records kept over a long period, an insurance company estimates the
probability distribution of the number of claims a randomly selected policyholder will make
in five years.
Call this random variable X. The estimated distribution of X is shown in the
table at the top of the next page.
X
0
1
2
3
4
5
6
P(X=x)
0.317
0.286
0.199
0.121
0.056
0.014
0.007
a) Calculate the mean and variance of X.
b) Calculate the mean and variance of the total number of claims that would be made
by 1000 policyholders in five years.
c) State the approximate distribution of the total number of claims made by 1000
policyholders in five years. On what theoretical basis can this approximation be
made?
d) What are the approximate probabilities 1000 policyholders will make:
i. more than 1400 claims in five years.
11.
between 800 and 1500 claims in five years.
Expert Solution
![](/static/compass_v2/shared-icons/check-mark.png)
Step 1
Given
The data is as follows:
x | P(X=x) |
0 | 0.317 |
1 | 0.286 |
2 | 0.199 |
3 | 0.121 |
4 | 0.056 |
5 | 0.014 |
6 | 0.007 |
Step by step
Solved in 2 steps with 3 images
![Blurred answer](/static/compass_v2/solution-images/blurred-answer.jpg)
Recommended textbooks for you
![MATLAB: An Introduction with Applications](https://www.bartleby.com/isbn_cover_images/9781119256830/9781119256830_smallCoverImage.gif)
MATLAB: An Introduction with Applications
Statistics
ISBN:
9781119256830
Author:
Amos Gilat
Publisher:
John Wiley & Sons Inc
![Probability and Statistics for Engineering and th…](https://www.bartleby.com/isbn_cover_images/9781305251809/9781305251809_smallCoverImage.gif)
Probability and Statistics for Engineering and th…
Statistics
ISBN:
9781305251809
Author:
Jay L. Devore
Publisher:
Cengage Learning
![Statistics for The Behavioral Sciences (MindTap C…](https://www.bartleby.com/isbn_cover_images/9781305504912/9781305504912_smallCoverImage.gif)
Statistics for The Behavioral Sciences (MindTap C…
Statistics
ISBN:
9781305504912
Author:
Frederick J Gravetter, Larry B. Wallnau
Publisher:
Cengage Learning
![MATLAB: An Introduction with Applications](https://www.bartleby.com/isbn_cover_images/9781119256830/9781119256830_smallCoverImage.gif)
MATLAB: An Introduction with Applications
Statistics
ISBN:
9781119256830
Author:
Amos Gilat
Publisher:
John Wiley & Sons Inc
![Probability and Statistics for Engineering and th…](https://www.bartleby.com/isbn_cover_images/9781305251809/9781305251809_smallCoverImage.gif)
Probability and Statistics for Engineering and th…
Statistics
ISBN:
9781305251809
Author:
Jay L. Devore
Publisher:
Cengage Learning
![Statistics for The Behavioral Sciences (MindTap C…](https://www.bartleby.com/isbn_cover_images/9781305504912/9781305504912_smallCoverImage.gif)
Statistics for The Behavioral Sciences (MindTap C…
Statistics
ISBN:
9781305504912
Author:
Frederick J Gravetter, Larry B. Wallnau
Publisher:
Cengage Learning
![Elementary Statistics: Picturing the World (7th E…](https://www.bartleby.com/isbn_cover_images/9780134683416/9780134683416_smallCoverImage.gif)
Elementary Statistics: Picturing the World (7th E…
Statistics
ISBN:
9780134683416
Author:
Ron Larson, Betsy Farber
Publisher:
PEARSON
![The Basic Practice of Statistics](https://www.bartleby.com/isbn_cover_images/9781319042578/9781319042578_smallCoverImage.gif)
The Basic Practice of Statistics
Statistics
ISBN:
9781319042578
Author:
David S. Moore, William I. Notz, Michael A. Fligner
Publisher:
W. H. Freeman
![Introduction to the Practice of Statistics](https://www.bartleby.com/isbn_cover_images/9781319013387/9781319013387_smallCoverImage.gif)
Introduction to the Practice of Statistics
Statistics
ISBN:
9781319013387
Author:
David S. Moore, George P. McCabe, Bruce A. Craig
Publisher:
W. H. Freeman