The annual premium for a $15,000 insurance policy against the theft of a painting is $200. If the (empirical) probability that the painting will be stolen during the year is0.01, what is your expected return from the insurance company if you take out this insurance?.....Let X be the random variable for the amount of money received from the insurance company in the given year.E(X) = dollars%3D

Given that, The annual premium for a $15,000 insurance policy against the theft of a painting is…

Answered: The annual premium for a $15,000…

Advanced Engineering Mathematics

10th Edition

ISBN:9780470458365

Author:Erwin Kreyszig

Publisher:Erwin Kreyszig

Chapter2: Second-order Linear Odes

Section: Chapter Questions

Problem 1RQ

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For a particular disease, the probability that a patient passes away within the xth year is given by the following table: x P(x) 0 0.039 1 0.034 2 0.337 3 0.291 4 0.25 5 0.023 6 0.026 This means that the probability that someone passes away within the first year is 0.039. The probability that they pass away after one year would be 0.034. What is the mean number of years someone survives? (round to two decimal places) What is the standard deviation for the number of years someone survives? (round to two decimal places) The Range Rule of Thumb for survival would be: years to years. (Round each to two decimal places.) In your own words, interpret what the Range Rule of Thumb tells us about this disease. (If you don't remember what the Range Rule of Thumb is, review the heading "Unusual Values" in the Learning Activities.)
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The annual premium for a $15,000 insurance policy against the theft of a painting is $250. If the (empirical) probability that the painting will be stolen during the year is 0.02, what is your expected return from the insurance company if you take out this insurance? Let X be the random variable for the amount of money received from the insurance company in the given year. E(X)= dollars
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0.035 0.063 0.182 0.430
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The annual premium for a $20,000 insurance policy against the theft of a painting is $350. If the (empirical) probability that the painting will be stolen during the year is 0.02, what is your expected return from the insurance company if you take out this insurance? Let X be the random variable for the amount of money received from the insurance company in the given year. E(X)= dollars

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