reonna has purchased the life insurance policy for her fish for the price of $100 per year and Breonna will receive $4000 in case if her fish passes away. The insurance company estimated the probability of her fish passing away during the length of the policy to be 0.5%. Let XX be the insurance company's profit. Answer the following questions: 1. Create the probability distribution table for XX : XX outcome profit xx ,$ P(X=x)P(X=x) fish passes away fish survives 2. Use the probability distribution table to find the following: E[X]=μX=E[X]=μX= dollars. (Round the answer to 1 decimal place.) SD[X]=σX=SD[X]=σX= dollars. (Round the answer to 1 decimal pl
reonna has purchased the life insurance policy for her fish for the price of $100 per year and Breonna will receive $4000 in case if her fish passes away. The insurance company estimated the probability of her fish passing away during the length of the policy to be 0.5%. Let XX be the insurance company's profit. Answer the following questions: 1. Create the probability distribution table for XX : XX outcome profit xx ,$ P(X=x)P(X=x) fish passes away fish survives 2. Use the probability distribution table to find the following: E[X]=μX=E[X]=μX= dollars. (Round the answer to 1 decimal place.) SD[X]=σX=SD[X]=σX= dollars. (Round the answer to 1 decimal pl
MATLAB: An Introduction with Applications
6th Edition
ISBN:9781119256830
Author:Amos Gilat
Publisher:Amos Gilat
Chapter1: Starting With Matlab
Section: Chapter Questions
Problem 1P
Related questions
Question
Breonna has purchased the life insurance policy for her fish for the price of $100 per year and Breonna will receive $4000 in case if her fish passes away. The insurance company estimated the
1. Create the probability distribution table for XX :
| XX | outcome | profit xx ,$ | P(X=x)P(X=x) |
| fish passes away | |||
|
fish survives |
2. Use the probability distribution table to find the following:
-
- E[X]=μX=E[X]=μX= dollars. (Round the answer to 1 decimal place.)
- SD[X]=σX=SD[X]=σX= dollars. (Round the answer to 1 decimal pl
Expert Solution
Step 1
Given:
Insurance policy price=$100
If fishes passes away company has to give=$4000
probability of her fish passing away during the length of the policy = 0.5%
Step by step
Solved in 2 steps
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