The probability distribution for damage claims paid by the Newton Automobile Insurance Company on collision insurance follows. Payment ($) Probability 10 500 1,000 3,000 5,000 8,000 0.81 0.08 0.04 0.03 0.02 0.01
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Given that,
The probability distribution for damage claims by the Newton Automobile Insurance Company on collision insurance is
| Payment | Probability |
| 0 | 0.81 |
| 500 | 0.08 |
| 1000 | 0.04 |
| 3000 | 0.03 |
| 5000 | 0.02 |
| 8000 | 0.01 |
| 10000 | 0.01 |
The formula for the expected value is as follows,
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- Suppose that you are offered the following "deal." You roll a six sided die. If you roll a 6, you win $11. If you roll a 4 or 5, you win $1. Otherwise, you pay $7.a. Complete the PDF Table. List the X values, where X is the profit, from smallest to largest. Round to 4 decimal places where appropriate. Probability Distribution Table X P(X) b. Find the expected profit. $ ______ (Round to the nearest cent)c. Interpret the expected value. If you play many games you will likely lose on average very close to $1.33 per game. This is the most likely amount of money you will win. You will win this much if you play a game. d. Based on the expected value, should you play this game? Yes, because you can win $11.00 which is greater than the $7.00 that you can lose. Yes, since the expected value is positive, you would be very likely to come home with more money if you played many games. Yes, since the expected value is 0, you would be very likely to come very close…The graph of the discrete probability to the right represents the number of live births by a mother 51 to 56 years old who had a live birth in 2015. Complete parts (a) through (d) below. Probability 0.30- 0.25- 0.20 0.15- 0.10- 0.05- 0.00 0 0.233 1 0.288 2 0.169 0.113 0.097 0.026 0.029 0.045 3 5 6 Number of Live Births (a) What is the probability that a randomly selected 51- to 56-year-old mother who had a live birth in 2015 has had her fourth live birth in that year? (Type an integer or a decimal.) 8 QHeart failure is due to either natural occurrences (84%) or outside factors (16%). Outside factors are related to induced substances or foreign objects. Natural occurrences are caused by arterial blockage, disease, and infection. Assume that causes of heart failure between individuals are independent. What is the probability that the 1st patient with heart failure that enters the emergency room has the condition due to outside factors? Round answer to 2 decimal places. Answer is Blank 1 Blank 1 Add your answer
- Note: Please answer this question, correctly. Thank youRecords show that 40% of the college students of a particular university pay their tuition fees on installment basis. What is the probability that exactly 12 of the next 20 enrollees will pay their tuition fees on installment basis?Below is a partially complete probability model. Enter the probability for the final outcome. Outcome 0 0.5 6 6.5 Probability 0.30.25 0.15 Find the expected value of the probability model.
- There is a 0.9991 probability that a randomly selected 29-year-old male lives through the year. A life insurance company charges $152 for insuring that the male will live through the year. If the male does not survive the year, the policy pays out $110,000 as a death benefit. Complete parts (a) through (c) below. Question content area bottom Part 1 a. From the perspective of the 29-year-old male, what are the monetary values corresponding to the two events of surviving the year and not surviving? The value corresponding to surviving the year is $negative 152−152. The value corresponding to not surviving the year is $109,848109,848. (Type integers or decimals. Do not round.) Part 2 b. If the 29-year-old male purchases the policy, what is his expected value? The expected value is $enter your response here. (Round to the nearest cent as needed.)Saved The closing price of Schnur Sporting Goods Inc. common stock is uniformly distributed between $17 and $32 per share What is the probability that the stock price will be: a. More than $26? (Round your answer to 4 decimal places.) Probability b. Less than or equal to $25? (Round your answer to 4 decimal places.) Probability Next 1 of 10Suppose that you are offered the following "deal." You roll a six sided die. If you roll a 6, you win 515. If you roll a 2, 3, 4 or 5, you win 55. Otherwise, you pay $7. a. Complete the PDF Table. List the X values, where X is the profit, from smallest to largest. Round to 4 decimal places where appropriate. Probability Distribution P(X) Table b. Find the expected profit. S c. Interpret the expected value. O This is the most likely amount of money you will win. Oif you play many games you will likely win on average very close to $4.67 per game. O You will win this much if you play a game. (Round to the nearest cent)
- Suppose that you are offered the following "deal." You roll a six sided die. If you roll a 6, you win $17. If you roll a 3, 4 or 5, you win $4. Otherwise, you pay $8.a. Complete the PDF Table. List the X values, where X is the profit, from smallest to largest. Round to 4 decimal places where appropriate. Probability Distribution Table X P(X) d. Based on the expected value, should you play this game? No, this is a gambling game and it is always a bad idea to gamble. No, since the expected value is negative, you would be very likely to come home with less money if you played many games. Yes, since the expected value is 0, you would be very likely to come very close to breaking even if you played many games, so you might as well have fun at no cost. Yes, since the expected value is positive, you would be very likely to come home with more money if you played many games. Yes, because you can win $17.00 which is greater than the $8.00 that you can lose.Can someone solve this using Microsoft Excel.Suppose that you are offered the following "deal." You roll a six sided die. If you roll a 6, you win $11. If you roll a 3, 4 or 5, you win $4. Otherwise, you pay $2. a. Complete the PDF Table. List the X values, where X is the profit, from smallest to largest. Round to 4 decimal places where appropriate. Probability Distribution Table X P(X) B. Based on the expected value, should you play this game? Yes, since the expected value is 0, you would be very likely to come very close to breaking even if you played many games, so you might as well have fun at no cost. No, since the expected value is negative, you would be very likely to come home with less money if you played many games. Yes, because you can win $11.00 which is greater than the $2.00 that you can lose. Yes, since the expected value is positive, you would be very likely to come home with more money if you played many games. No, this is a gambling game and it is always a bad idea to gamble.
