Question 34An insurance 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 0.1.The number of tornadoes in any calendar year is independent of the number of tornados in any othercalendar year.Using the insurance company's assumptions, calculate the probability that there are fewer than 2 tornadoesin a 14-year period. Round your answer to four decimal places.

Given that n=14 , p=0.1 , q=1-p=1-0.1=0.9 X~Binomial(n=14,p=0.1) Probability mass function of X is…

Answered: Question 34 An insurance company prices…

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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Use the information below to answer questions17-18. A research is conducted to determine disease detection ability of a testing machine. We know that the probabilitythat machine will detect the disease is 50%. The probability that the machine is notfaulty is 60%, the machine ability to detect disease if it is not faulty is 80%. 17. Write down the value for the probability that the machine has the ability to detect disease or is not faulty......................................18. Write down the value for the probability that the machine has the ability to detect disease if it is faulty................................... Use the information below to answer question . Data measured on n=3,539 participants who attended the seventh examination of the Offspring in the Framing- ham Heart Study showed that the mean Total Serum Cholesterol for men is 192.4 with sample size 1,544, whereas the mean Total Serum Cholesterol for women is 207.1 with sample size 1,766. The population standard…
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