The probability distribution for damage claims paid by the Newton Automobile Insurance Company on collision insurance follows.Payment ($)Probability0.800.110.0405001,0003,0005,0008,00010,0000.01. Use the expected collision payment to determine the collision insurance premium that would enable the company to break evenWhy does the policyholder purchase a collision policy with this expected value?The policyholder is concerned that an accident will result in a big repair bill if therethe insurance-Select your answer. against a large loss.0.020.010.01. The insurance company charges an annual rate of $456 for the collision coverage. What is the expected value of the collision policy for a policyholder? (Hint: It is the expectethe company minus the cost of coverage.) Enter negative values as negative numbers.Select your answer-insurance coverage. So even though the policyholder has an expect

xp(x)x*p(x)00.8005000.115510000.044030000.026050000.015080000.0180100000.01100total385expected…

Answered: The probability distribution for damage…

A First Course in Probability (10th Edition)

10th Edition

ISBN:9780134753119

Author:Sheldon Ross

Publisher:Sheldon Ross

Chapter1: Combinatorial Analysis

Section: Chapter Questions

Problem 1.1P: a. How many different 7-place license plates are possible if the first 2 places are for letters and...

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Neighborhood Insurance sells fire insurance policies to local homeowners. The premium is $150, the probability of a fire is 0.1%, and in the event of a fire, the insured damages (the payout on the policy) will be $140,000. g. What are the expected value and variance of your profit?
Classic Probability Kevin was a product tester at Texas Instruments. He was dropping calculators from a height of 5 feet on to a concrete surface. He found that out of 30 trials 6 of them were broken. Based on these initial trials what is the probability that the next calculator he drops will not break? OA. O A. : Theoretical Probability O B. Empirical Probability O C. Subjective Probability D. ; Dependent Probability
The chance of an IRS audit for a tax return with over $25,000 in income is about 2% per year. We are interested in the expected number of audits a person with that income has in a 16-year period. Assume each year is independent. Part (a) Part (b) List the values that X may take on. X=0, 1, 2,..., 15, 16 OX= 1, 2, 3, OX= 1, 2, 3, OX=1,2,3,... 15, 16 98, 99, 100 Part (c) Give the distribution of X X-B 0.02 □ Part (d) How many audits are expected in a 16-year period? (Round your answer to two decimal places.) 0.32 audits Part (e) Find the probability that a person is not audited at all. (Round your answer to four decimal places.) Part (1) Find the probability that a person is audited more than twice. (Round your answer to four decimal places.)
Here is the probability model for the blood type of a randomly chosen person in the United States. Blood type O A B AB Probability 0.53 0.22 0.06 0.19 What is the probability that a randomly chosen American does not have type O blood? ______________% Round to the nearest 0.01%
Find the probability of the indicated event if P(E) = 0.20 and P(F) = 0.40. Find P(E or F) if P(E and F) = 0.20. P(E or F) = (Simplify your answer.)
QI Complete the table below : More or equal probability Dist. fi X2x, True classes Xi Classes Fi Pi 2 4.5 2 8.5 1.0 0.95 0.85 0.70 0.40 0.05 0.00 E-20 Then graph the descending cumulative Probability Curve Q2 for the frequency table below 3.5 7.5 15.5 19.5 50 23.5 27.5 31.5 35.5 Xi 11.5 14 27 38 45 33 19 12 8 Determine: A- Geometric Mean , Root Mean Square, B. Standard Deviation , Coefficient of Variation, C- Shape of the Distribution, then discuss the result. Q3 for the data below: 2.32 2.64 2.02 2.11 2.84 2.45 2.55 2.02 2.75 2.93 2.11 2.75 2.06 2.65 2.43 Find : Arithmetic mean, Median, Mode.
Classify the following statement as an example of classical probability, empirical probability, or subjective probability. Explain your reasoning. You think that a hockey team's proability of winning its next game is 0.57. This is an example of probability, since 7 tab lock esc subjective classical empirical Q A Z 2 W S 3 X 20 E $ 4 288 FA R C 07 20⁰ 50 F T B H
The joint probability distribution of the number X of cars and the number Y of buses per signal cycle at a proposed left-turn lane is displayed in the accompanying joint probability table below. y P(xy) 1 2. 0. .025 .015 .010 .050 .030 020 2. .125 .075 050 3. 150 090 060 4. 100 .060 040 050 .030 .020 Suppose the left-turn lane is to have a capacity of six cars, and that one bus is equivalent to three cars. What is the probability of an overflow duringa cycle? Select one: O 48 O 28 O38 0.18
Exhibit 5-10The probability that Pete will catch fish on a particular day when he goes fishing is 0.8. Pete is going fishing 3 days next week. Refer to Exhibit 5-10. The expected number of days Pete will catch fish is?
The annual premium for a $20,000 insurance policy against the theft of a painting is $300. If the 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? Upload your answer with your work and explanations here
Suppose that you are offered the following "deal." You roll a six sided die. If you roll a 6, you win $9. If you roll a 3, 4 or 5, you win $2. Otherwise, you pay $3.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. You will win this much if you play a game. If you play many games, on average, you will likely win, or lose if negative, close to this amount. This is the most likely amount of money you will win. 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. Yes, because you can win $9.00 which is greater than the $3.00 that you can lose. No, since the expected value is negative, you would be very likely to come home with less money if you played many games. Yes,…
The probability distribution given below represents the projected profit (in thousands of dollars) earned from a business over a year. Profit (x) in thousands of dollars f(x) -100 0.05 -50 0.15 0 0.30 50 0.35 100 0.12 200 0.03 a.) What is the probability that the business will operate at a loss for the year? b.) What is the probability that the business will break even? c.) What is the expected value for profit? Fill out the table below to help you calculate the value.

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