11.8.3 The table shows claims and their probabilities for an insurance company. Use the table to answer parts a through c. Amount of claim(to the nearest $50,000)Probability$00.65$50,0000.23$100,0000.05$150,0000.04$200,0000.02$250,0000.01 a.Calculate the expected value.$_______

Name: 11.8.3 The table shows claims and their probabilities for an insura
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Description: 11.8.3 The table shows claims and their probabilities for an insurance company. Use the table to answer parts a through c. Amount of claim(to the nearest $50,000)Probability$00.65$50,0000.23$100,0000.05$150,0000.04$200,0000.02$250,0000.0

Let Y denote the amount of claim The given probability distribution table shows claims and their…

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MATLAB: An Introduction with Applications

6th Edition

ISBN:9781119256830

Author:Amos Gilat

Publisher:Amos Gilat

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11.8.3

The table shows claims and their probabilities for an insurance company. Use the table to answer parts a through c.

Amount of claim (to the nearest $50,000)	Probability
$0	0.65
$50,000	0.23
$100,000	0.05
$150,000	0.04
$200,000	0.02
$250,000	0.01

a.Calculate the expected value.

$_______

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