policy for water damage pays an amount of damage up to $450. The amount of damage is uniformly distributed between $250 and $1,250. The amount of damage exceeding $450 is covered by a supplement policy up to $500. Let the random variable Y be the amount of damage paid by the supplement policy. What are the expected value and the probability distribution function of Y?
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.
An insurance policy for water damage pays an amount of damage up to $450. The amount of damage is uniformly distributed between $250 and $1,250. The amount of damage exceeding $450 is covered by a supplement policy up to $500. Let the random variable Y be the amount of damage paid by the supplement policy. What are the
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