Oxnard Petro Ltd. is buying hurricane insurance for its off-coast oil drilling platform. During the next five years, the probability of total loss of only the above-water superstructure ($310 million) is .20, the probability of total loss of the facility ($810 million) is .20, and the probability of no loss is .60. Find the expected loss. (Input the amount as a positive value.)
Oxnard Petro Ltd. is buying hurricane insurance for its off-coast oil drilling platform. During the next five years, the probability of total loss of only the above-water superstructure ($310 million) is .20, the probability of total loss of the facility ($810 million) is .20, and the probability of no loss is .60. Find the expected loss. (Input the amount as a positive value.)
A First Course in Probability (10th Edition)
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ISBN:9780134753119
Author:Sheldon Ross
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Chapter1: Combinatorial Analysis
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Oxnard Petro Ltd. is buying hurricane insurance for its off-coast oil drilling platform. During the next five years, the probability of total
loss of only the above-water superstructure ($310 million) is .20, the probability of total loss of the facility ($810 million) is .20, and the
probability of no loss is .60.
Find the expected loss. (Input the amount as a positive value.)
Expected Loss
million
%24](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fb3a5f7eb-eaa4-4b66-8c96-571e57b583bd%2F073b7182-25d8-45d9-95c5-f388dd48a7f5%2Flf3aoye_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Sectio X Question 4-5-3 Homework Cha X
education.com/ext/map/index.html?_con=con&external_browser%3D0&launchUrl=https%253A%252F%252Fnewconnect.mheducation.com%252F#/activity/
rk: Chapter 6 (Sections 6.1 through 6.4) 6
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Oxnard Petro Ltd. is buying hurricane insurance for its off-coast oil drilling platform. During the next five years, the probability of total
loss of only the above-water superstructure ($310 million) is .20, the probability of total loss of the facility ($810 million) is .20, and the
probability of no loss is .60.
Find the expected loss. (Input the amount as a positive value.)
Expected Loss
million
%24
Expert Solution
![](/static/compass_v2/shared-icons/check-mark.png)
Step 1
X (in Million) | P(X) |
-310 | 0.2 |
-810 | 0.2 |
0 | 0.6 |
E(X) = X1*P(X1)+X2*P(X2)+X3*P(X3)
= (-310*0.2)+(-810*0.2)+(0*0.6)
=-224
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