You're a small insurance company that insures 5000 people. Let's say that 1 house will catch on fire per year, so the probability of a house catching on fire is (1/5000). Therefore, the probability of a house NOT catching on fire is (4999/5000). If a house catches on fire, you have to pay $200,000. If every person pays $25 monthly, how much profit will your business make? $259.94 $1,299,700 $75,000 $3,673

You're a small insurance company that insures 5000 people. Let's say that 1 house will catch on fire per year, so the probability of a house catching on fire is (1/5000). Therefore, the probability of a house NOT catching on fire is (4999/5000). If a house catches on fire, you have to pay $200,000. If every person pays $25 monthly, how much profit will your business make? $259.94 $1,299,700 $75,000 $3,673

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...

See similar textbooks