A company prices its tornado insurance using the following assumptions:• In any calendar year, there can be at most one tornado.• In any calendar year, the probability of a tornado is 0.03.• The number of tornadoes in any calendar year is independent of the number of tornados in any othercalendar year.Using the company's assumptions, calculate the probability that there are fewer than 3 tornadoes in a 12-yearperiod...Hint: Use the binomial distribution with n-12 and p- 0.03.

Given that n =12,p =0.03 find P( x<3 ) =?

Answered: Ompany prices its tornadó insürance…

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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