A $500,000 term life insurance policy sell for a premium of $900.  If the probability of living through the year is .99897, the expected value of this policy is EV = ___________

Q: A used-car dealer gets complaints about his cars as shown in the table. Number of complaints per day…

A: Given that, x 0 1 2 3 4 5 6 P(x) 0.01 0.06 0.19 0.26 0.28 0.14 0.06

Q: Which of following would be an example of experimental probability? O the chance of drawing 4 green…

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Q: An experiment has four equally likely outcomes: E1, E2, E3, and E4.a. What is the probability that…

A:

Q: In a certain school, the probabilities of the number of students who are reported tardy are shown in…

A: No. tardypx   x.px00.15010.210.2120.390.7830.170.5140.080.321.82

Q: Provide an appropriate response with details. A 28 year old man pays $206 for a one year life…

A: From the given information, the probability of he will live through the year is 0.9992. And a 28…

Q: 5. In a proposed business venture, a company estimates that there is a 60% chance the compaHY chance…

A:

Q: A construction company is planning to bid on a building contract. The bid costs the company ​$1800.…

A: Given that the probability that the bid is accepted is= 25So the probability that the bid is not…

Q: Refer to the sleep apnea study published below. Recall that the various stages of sleep for a large…

A: a.  Conditional probability of two events:The conditional probability is the probability of one…

Q: In a product liability​ case, a company can settle out of court for a loss of​ $350,000, or go to​…

A: Given:settlement of case out side court loss is $350000if go to trail loss is $1350000probability of…

Q: A local bottling company has determined the number of machine breakdowns per month and their…

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Q: A skilled custom auto mechanic finds an old beat up Chevy Camaro in a junk yard, and pays $300 for…

A:

Q: A 38-year-old woman purchases a $300,000 term life insurance policy for an annual payment of $490.…

A: Given Information: A 38-year-old woman purchases a $300,000 term life insurance policy for an annual…

Q: An insurance policy costs $110 and will pay policyholders $8,000 if they suffer a major injury…

A: Probability Distribution: It is a statistical function, describing all the possible outcomes of the…

Q: You play a gambling game with a friend in which you roll a die. If a 1 or 2 comes up, you win $5.…

A: Given that, When a die is rolled then, If a 1 or 2 comes up, you win $5 otherwise you lose $4

Q: In a product liability​ case, a company can settle out of court for a loss of​ $350,000, or go to​…

A: Given Data: Loss if company settle out of court=350000 Loss if company takes case to the court and…

Q: If P(X) = what are the possible values of X for it to be a probability distribution? %3D

A: The given function is, PX=X5 Any function fx may be considered as a valid probability distribution…

Q: The probabilities that a market inspector will discover violations of the public health code in a…

A: P(2≤X<4)=?

Q: A pharmaceutical company claims that a drug is effective in treating 90% of people having severe…

A: Consider X be a random variable that follows binomial distribution indicates number of times drug is…

Q: At age 50, Ann must choose between taking $20,000 at age 60 if she is alive then, or $32,000 at age…

A:

Q: d) An ELT is randomly selected and tested. If the test indicates that the ELT is defective, find the…

A: Let us define some events A : an ELT is manufactured by Altigauge company. B : an ELT is…

Q: Find the expected value of the following probability distribution. Round to the nearest tenth.

A: From the given: X P(X) X·P(X) 1 1/2 1/2 2 1/3 2/3 3 1-1/2-1/3=1/6 1/2

Q: Rhett owns a cupcake bakery and is analyzing his sales of cupcake delivery orders. Based on his…

A: Solution

Q: Emergency 911 calls to a small municipality in Idaho come in at the rate of one every 2 minutes. a.…

A:

Q: A 31-year-old woman purchases a $100,000 term life insurance policy for an annual payment of $410.…

A: Given, The probability that she will survive the year is 0.999056. The probability that she will not…

Q: (a) What is the probability that the low temperature will be between 17° and 26°? answer: (b) What…

A: Let X denote the low temperatures for each day. Given that X follows Uniform(a = 15, b = 35), then…

Q: a. If a player bets $14 on the number 1, what is the player's expected value? The expected value is…

A:

Q: Richie's Insurance Company offers a $250,000 life insurance policy for a premium of $750 per year.…

A: Given Data: Premium=750 Life insurance cover=250000 P(life survives a year)=0.9977 P(life dies in a…

Q: In a product liability case, a company can settle out of court for a loss of $350,000, or go to…

A: Let X denotes the loss to the company. The probability of not guilty verdict is, Pnot guilty…

Q: An insurance policy costs $120 and will pay policyholders $9,000 if they suffer a major injury…

A: Given Information:  Cost of an insurance policy = $ 120  Amount paid to policy holders if suffered…

Q: A lamp - exp(A = 1/4 per hour), hence, on average, 1 failure per 4 hours. What is ?the probability…

A: Given: λ=14

Q: i) mat is the probability that a car purchased is defective ii) Ir a car purchased is found to be…

A:

Q: A 28-year-old man pays $181 for a one-year life insurance policy with coverage of $150,000. If the…

A:

Q: A construction company is planning to bid on a building contract. The bid costs the company $1300.…

A: We first make a table using the given information Gained amount (xi) 68000-1300=66700 -1300…

Q: In a probability experiment, 15 out of 50 trials were successful. a) Determine the experimental…

A:

Q: Emergency 911 calls to a small municipality in Idaho come in at the rate of one every 2 minutes a.…

A:

Q: A 37-year-old woman purchases a $100,000 term life insurance policy for an annual payment of $480.…

A: Expected value:   In the long run the average value obtained by repetitions for the given experiment…

Q: An insurance policy costs $120 and will pay policyholders $9,000 if they suffer a major injury…

A: Given, pay of $120 major issue $9000 minor issue $3000 1 in every 2088 policyholders will suffer a…

Q: Choose an American household at random and ask how many televisions that household owns. Here are…

A: Given: x P(X) x.P(X) 0 0.1 0 1 0.44 0.44 2 0.28 0.56 3 0.18 0.54 Total   1.54

Q: During the economic downturn caused by the ongoing pandemic, a last semester student goes to career…

A: Hey there! Thank you for posting the question.  Since you have posted a question with multiple…

Q: A customer has approached a bank for a loan. Withoutfurther information, the bank believes there is…

A:

Q: The ebola virus has an incidence rate of 15%. If the false negative is 25% and the following false…

A: Introduction: The probabilities given here, converted from percentage to proportion form, are: P…

Q: An insurance company sells a one year term life insurance policy to an 80 year old woman. The woman…

A: Given : Let X represent the  value of insurance company's profit X P(X) 1000 0.9581 -18500…

Q: he annual premium for a ​$5,000 insurance policy against the theft of a painting is  ​$250. If the​…

A:

Q: The probabilities that a market inspector will discover violations of the public health code in a…

A:

Q: 23 seconds is equally likely.What is the probability that a randomly chosen eight- week-old baby…

A: Given : Lower limit,a = 0 Upper limit,b = 23

Q: In a particular community, 15 percent of all adults over 50 have hypertension. The health service in…

A: Probability of an event gives the chances of occurrence of that event. When a probability of an…

Q: An investor is considering a $30,000 investment in a start-up company. She estimates that she has a…

A: Given information- Let X denotes the profit. We have given that an investor is considering a $30,000…

Q: (1) (iii) the expected number of adults are not having side effects? the probability that more than…

A:

Q: The probabilities of a machine manufacturing 0,1, 2, 3, 4, or 5 defective parts in one day are 0.75,…

A:

Contingency Table

A contingency table can be defined as the visual representation of the relationship between two or more categorical variables that can be evaluated and registered. It is a categorical version of the scatterplot, which is used to investigate the linear relationship between two variables. A contingency table is indeed a type of frequency distribution table that displays two variables at the same time.

Binomial Distribution

Binomial is an algebraic expression of the sum or the difference of two terms. Before knowing about binomial distribution, we must know about the binomial theorem.