A life insurance salesman operates on the premise that the probability that a man reaching his sixtieth birthday will not live to his sixty-first birthday is 0.05. On visiting a holiday resort for seniors, he sells 8policies to men approaching their sixtieth birthdays. Each policy comes into effect on the birthday of the insured and pays a fixed sum on death. All 8 policies can be assumed to be mutually independent.Provide answers to the following to 3 decimal places.Part a)What is the expected number of policies that will pay out before the insured parties have reached age 61?Part b)What is the variance of the number of policies that will pay out before the insured parties have reached age 61?Part c)What is the probability that at least two policies will pay out before the insured parties have reached age 61?

here given , A life insurance salesman operates on the premise that the probability that a man…

Answered: Part a) What is the expected number of…

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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11.
Explain whether small cap stocks returns are actually normally distributed. Provide 1 example to support your answer.
11. A school newspaper reporter decides to randomly survey 18 students to see if they will attend Tet (Vietnamese New Year) festivities this year. Based on past years, she knows that 16% of students attend Tet festivities. We are interested in the number of students who will attend the festivities. Find the probability that more than 2 students will attend. (Round your answer to four decimal places.)
Suppose an RMG production line is known to have 6.6 flaws (defects) in every 50 products. a. What is the probability that there will be 16 flaws (defects) in a batch of 100 products? Answer in exact fraction, or rounded to at least 4 decimal places. b. What is the probability that there will be more than 5 flaws (defects) in a particular batch of 50 products? Answer in exact fraction, or rounded to at least 4 decimal places.
2
1.A husband and wife take out an insurance policy for a 20 year term. It is estimated the probability of being alive in 20 years time is 0.8 for the husband, and 0.9 for the wife. What is the probability that in 20 years time, just one of them will be alive. Explain your reasoning carefully.
1/ A company is going to release four quarterly reports this year. Suppose the company has a 35% chance of beating analyst expectations each quarter. a. What is the probability that the company beats analyst expectations every quarter of this year? b. What is the probability the company beats analyst expectations more than half the time this year? c. What is the expected number of times the company will beat analyst expectations this year?
28 The probability that a 50-year-old man will survive a fixed length of time is 0.995. An insurance company will sell him a $20,000 life insurance policy for this length of time for a premium of $200. What is the expected gain for the insurance company? * $200 $100 $250 $150
For 10 percent of the products in a category, a firm fails to satisfy all demand during themonth. What is its in-stock probability?
8 In a supermarket, the prices marked on the signs that are placed on the shelf do not always correspond to the current price of the merchandise, since errors may occur when recording price changes. Assume that over time 60% of the price changes are increases and 40% are decreases. Assume also that 93% of the price increases are marked correctly, as are 98% of the reductions. If a price is not marked correctly, what is the probability that the change is a reduction?.
Assume that the probability of a 25-year-old male living to age 26, based on mortality tables, is 0.993. If a 16,000 dollar one-year term life insurance policy on a 25-year-old male costs 100 dollars, what is its expected value? What is the expected value? The expected value is dollars.
How would you explain the EXPECTED VALUE in gambling, buying an insurance or in our daily life? Please bring an example. Thank you!

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