EBK ESSENTIALS OF STATISTICS FOR BUSINE
8th Edition
ISBN: 8220103648783
Author: Anderson
Publisher: CENGAGE L
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Chapter 6.3, Problem 26E
A binomial
- a. What are the
mean and standard deviation? - b. Is this situation one in which binomial probabilities can be approximated by the
normal probability distribution ? Explain. - c. What is the probability of exactly 24 successes?
- d. What is the probability of 18 to 22 successes?
- e. What is the probability of 15 or fewer successes?
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30. An individual who has automobile insurance from a certain company is randomly selected. Let Y be the num- ber of moving violations for which the individual was cited during the last 3 years. The pmf of Y isy | 1 2 4 8 16p(y) | .05 .10 .35 .40 .10
a.Compute E(Y).b. Suppose an individual with Y violations incurs a surcharge of $100Y^2. Calculate the expected amount of the surcharge.
24. An insurance company offers its policyholders a num- ber of different premium payment options. For a ran- domly selected policyholder, let X = the number of months between successive payments. The cdf of X is as follows:
F(x)=0.00 : x < 10.30 : 1≤x<30.40 : 3≤ x < 40.45 : 4≤ x <60.60 : 6≤ x < 121.00 : 12≤ x
a. What is the pmf of X?b. Using just the cdf, compute P(3≤ X ≤6) and P(4≤ X).
Chapter 6 Solutions
EBK ESSENTIALS OF STATISTICS FOR BUSINE
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