You purchase a workers' compensation insurance policy to protect against accidents at your workplace. If you have a serious accident, the policy will pay you $279,000. If you have amild accident, the policy will pay you $139,500. The premium for the policy is $6,500. Based on your work environment's history, the probability of a serious accident is 0.007, andthe probability of a mild accident is 0.014.Let X be the insurance company's net gain or loss on the policy described.(a) Create a probability distribution for X. Enter the possible values of X in ascending order from left to right.XP(X)(b) Compute the company's expected net gain on this policy. Round your answer to the nearest cent

The provided information is as follows:If having a serious accident then the insurance company pay…

Answered: You purchase a workers' compensation…

MATLAB: An Introduction with Applications

6th Edition

ISBN:9781119256830

Author:Amos Gilat

Publisher:Amos Gilat

Chapter1: Starting With Matlab

Section: Chapter Questions

Problem 1P

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Find the probability of the indicated event if P(E)= 0.40 and P(F)=0.50. Find P(E or F) if P(E and F) = 0.05. P(E or F) = (Simplify your answer.)
A 40-year-old man in the U.S. has a 0.248% risk of dying during the next year. An insurance company charges $250 per year for a life-insurance policy that pays a $100,000 death benefit. Complete the probability distribution table. Let a be the profit (which could be negative in the case of a loss). List the x values from smallest to largest. Remember to list the P(x) as a probability, not a percent. This problem is from the customer's point of view. x P(x) What is the expected value for the person buying the insurance? Round your answer to the nearest cent. Be careful with negative signs. Expected Value: $ for the year
What best describes the relationship between the calculated theoretical probability and the empirical probability? a The theoretical probability must always equal the empirical probability. b The theoretical probability will never equal the empirical probability. c The empirical probability should get closer to the theoretical probability the more times you do the experiment. d The empirical probability describes what should happen and the theoretical probability describes what was observed.
Find the probability of the indicated event if P(E) = 0.25 and P(F) = 0.35. Find P(E or F) if P(E and F)= 0.20. P(E or F) =| (Simplify your answer.)
Solve question #4 and solve part a and part b. Please and thank you
To generate leads for new business, Gustin Investment Services offers free financial planning seminars at major hotels in Southwest Florida. Gustin conducts seminars for groups of 25 individuals. Each seminar costs Gustin $3,400, and the commission for each new account opened is $4,900. Gustin estimates that for each individual attending the seminar, there is a 0.01 probability that he/she will open a new account. Determine the equation for computing Gustin's profit per seminar, given static values of the relevant parameters. Profit =(New accounts opened x _______)-_________ Construct a simulation model to analyze the profitability of Gustin's seminars. Would you recommend that Gustin continue running the seminars? (Use at least 1,000 trials. Round your answer to two decimal places.) What is the minimum number of attendees (in a multiple of five, i.e., 25, 30, 35, …) that Gustin needs before a seminar's average profit is greater than zero? =______ attendees
Lydia is a project manager and submitted proposals for two different projects, Project X and Project Y to her boss. The probability of getting project X approved is 0.65. The probability of getting project Y approved is 0.77. The probability of getting at least one of the projects approved 0.90. The two projects are independent. True or False
Answer.
i need help with this
Suppose a weather report indicates that the probability of rain this week is 0.20. This week Next week According to the report, if it rains this week, then the probability of rain next Rain week is 0.33. If it does not rain this week, then the probability of rain next week is 0.17. The tree diagram models this weather report. 0.33 Rain 0.20 Determine the probability that it will not rain for the next two weeks. Express 0.67 No rain your answer as a decimal precise to two decimal places. Rain 0.17 probability = 0.80 No rain 0.83 No rain
Jack has just been given a ten-question multiple choice quiz in history class. Each question has five answers, of which only one is correct. Since Jack has not attended class recently, he does not know any of the answers. Assuming Jack guesses randomly on all ten questions, find the probability that he will answer six or more of the questions correctly and avoid an F.
Show all your work and explain each step. A laboratory blood test is 0.95 effective in detecting Corona virus, when it is, in fact, present. However, the test also yields a "false positive" result for 1 percent of the healthy persons tested. (That is, if a healthy person is tested, then, with probability 0.01, the result will imply s/he has the Corona virus.) If 0.5 percent of the population in King County has the virus, what is the probability a person has the virus given that his or her test result is positive?

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