Question 8 John Lloyd has purchased the insurance policy from an insurance company to cover the value of his house in case if it gets destroyed due to a fire for the price of $2500 per year. John Lloyd's house is worth $250000 and the probability that fire destroys the house during the length of the policy is estimated to be 0.1%. Let X be the insurance company's profit. Answer the following questions: 1. Create the probability distribution table for X: X outcome a. E[X] = μx b. SD[X]=ox profit æ,$ P(X=x) the house is destroyed the house survived 2. Use the probability distribution table to find the following: dollars. (Round the answer to 1 decimal place.) dollars. (Round the answer to 1 decimal place.)
Question 8 John Lloyd has purchased the insurance policy from an insurance company to cover the value of his house in case if it gets destroyed due to a fire for the price of $2500 per year. John Lloyd's house is worth $250000 and the probability that fire destroys the house during the length of the policy is estimated to be 0.1%. Let X be the insurance company's profit. Answer the following questions: 1. Create the probability distribution table for X: X outcome a. E[X] = μx b. SD[X]=ox profit æ,$ P(X=x) the house is destroyed the house survived 2. Use the probability distribution table to find the following: dollars. (Round the answer to 1 decimal place.) dollars. (Round the answer to 1 decimal place.)
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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![Question 8
John Lloyd has purchased the insurance policy from an insurance company to cover the value of his house
in case if it gets destroyed due to a fire for the price of $2500 per year. John Lloyd's house is worth $250000
and the probability that fire destroys the house during the length of the policy is estimated to be 0.1%. Let
X be the insurance company's profit. Answer the following questions:
1. Create the probability distribution table for X :
X
2. Use the probability
a. E[X] μχ
b. SD[X]=ox
outcome
the house is destroyed
profit ,$| P(X= x)
the house survived
distribution table to find the following:
dollars. (Round the answer to 1 decimal place.)
dollars. (Round the answer to 1 decimal place.)
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Transcribed Image Text:Question 8
John Lloyd has purchased the insurance policy from an insurance company to cover the value of his house
in case if it gets destroyed due to a fire for the price of $2500 per year. John Lloyd's house is worth $250000
and the probability that fire destroys the house during the length of the policy is estimated to be 0.1%. Let
X be the insurance company's profit. Answer the following questions:
1. Create the probability distribution table for X :
X
2. Use the probability
a. E[X] μχ
b. SD[X]=ox
outcome
the house is destroyed
profit ,$| P(X= x)
the house survived
distribution table to find the following:
dollars. (Round the answer to 1 decimal place.)
dollars. (Round the answer to 1 decimal place.)
O
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