Amari's family is moving to California and would like to purchase fire insurance. The insurance company is offering them a plan with an annual premium of $450. If there is a fire that damages the home, the insurance company will pay $250,000. It is estimated that the probabilty of a fire in your area is 0.0008. What is the expected value of the policy?

Q: The expected value of R4 is

A:

Q: Taking into consideration that expected value of any term life insurance product yields a positive…

A: If the insurance product yields a positive value for insurance company and yields a negative…

Q: Find the expected value​ (to the​ company) per policy sold. If the company sells 30,000 ​policies,…

A: An insurance policy sells for ​$1000. Based on past​ data, an average of 1 in 100 policyholders will…

Q: The Safe Grad Committee at the high school is selling tickets on a Christmas Basket filled with…

A: Prize =1200 No: of tickets=500 Expected value of a ticket=1200/500=$2.4

Q: a.) What is the expected value of the race for you and your horse? b.) Is it worthwhile to enter…

A: p(X) Prize  Cost Profit (X) xp(x) 0.05 4400 1000 3400 170 0.12 3300 1000 2300 276 0.35 1400…

Q: Based on historical data, an insurance company estimates that a particular customer has a 2.3%…

A: Given information An insurance company estimates that a particular customer has a 2.3% likelihood of…

Q: The expected value is $

A: From given data : 60% chance of making $9,000 20% chance of breaking even 20% chance of losing…

Q: A) What is the probability that you successfully prevent the attack? B) Suppose that if site i is…

A:

Q: The chart below lists the number of boats John expects to sell each week along with the…

A: 1. Let X be the number of boats expected to be sold each week. So, the data given in the question…

Q: Derive the expected value of Y? 0,

A: Given:  Distribution function of lifespan of bulb  f(x)=(y*e^-y/10)/100    : y>0  Then to find…

Q: An insurance policy sells for $600. Based on past data, an average of 1 in 50 policyholders will…

A:

Q: According to the tables used by insurance companies, a 39-year old woman has a 0.163% chance of…

A:

Q: If the profit on a raffle ticket has an expected value of -$5, then the most likely outcome of…

A: Given that - If the profit on a raffle ticket has an expected value of -$5, then the most likely…

Q: At a raffle, 250 tickets are sold for $4 each for one grand prize of $500 and two prizes of $50…

A: It can be assumed one ticket corresponds to one prize.  Since, there are 250 ticket proabability of…

Q: Derive the expected value of Y? (0, else

A: Given:  Distribution function of Lifespan of bulb is given  f(y)=(y*e^-y/10)/100      : y>0  Then…

Q: c) If an insurance policy cost £800.Based of past research i An average of 1 in 50 people will file…

A: a Expected value to the company per policy sold :…

Q: Assume that the probability of a 25-year-old male living to age 26, based on mortality tables, is…

A: The probability of 25 year old male living to age 26 is 0.997. Cost of  life insurance is $ 16000.…

Q: Answer the following True or False: If the profit on a raffle ticket has an expected value of -5…

A: In general, the loss is obtained by adding the ticket cost and $5.

Q: officers of the Mathematics Club are planning to sell 280 tickets to be raffled during the school’s…

A: There are two type of variables : Continuous variables and discrete variables. Continuous variables…

Q: In bidding for a remodeling project, a carpenter determines that he will have a net profit of $5000…

A:

Q: expected value

A: Let X be the random variable representing the number of policies sold by the salesperson. The…

Q: An insurance policy sells for $700.  Based on past data, an average of 1 in 50 policyholders will…

A: Let us make a table for the claims and the probabilities  claim 5500 10000 25000 probability…

Q: It costs $2 to buy a raffle ticket. If there are 500 tickets sold, and there is one first prize of…

A:

Q: In a raffle where 7,000 tickets are sold for $2 each one prize of $2,600 will be awarded what is the…

A:

Q: An insurance policy sells for $1,000. Based on your past data, an average of 1 in 50 policyholders…

A: The expected value for the company per policy sold can be calculated using the following…

Q: because the expected value of the game (without considering the cost) is $ arest cent as needed.)

A:

Q: The Walker Construction Company has just received a building contract. Walker estimates there is a…

A: Let us assume X= amount of profit  Breakeven means no profit. Let us make a probability distribution…

Q: . Calculate the expected value. $_____ b. How much should the company charge as an average premium…

A: Given: The table showing the probabilities for an insurance company. Amount of claim  (x)…

Q: An insurance policy sells for ​$1200. Based on past​ data, an average of 1 in 125 policyholders will…

A: Given that  An insurance policy sells for ​$1200. An average of 1 in 125 policyholders will file a…

Q: The table shows claims and their probabilities for an insurance company. Amount of Claim Probability…

A: a) The expected value…

Q: (a) Over the long term, what is your expected profit of playing the game?

A: Here given , Two dice are rolled in game And there are total outcomes possible on each die are 6 And…

Q: An investor is considering a $15,000 investment in a start-up company. She estimates that she has…

A: Given that  An investor considering a $15,000 investment in a start up company. She estimates that…

Q: A lawyer considers taking a case figures that there is a 40% chance of winning the case in court and…

A: Solution: From the given information, it can be observed that the probability of winning the case in…

Q: What is the expected value at node 2? $20 million $7.5 million $10 million $15 million

A: here for expected value at node 2 draw tree for only node 2

Q: An insurance policy sells for $1000. Based on past data, an average of 1 in 100 policyholders will…

A: We will make a table using the given information Amount of claim 15000 30000 80000 Probability…

Q: An insurance policy sells for ​$1000. Based on past​ data, an average of 1 in 50 policyholders will…

A: an average of 1 in 50 policyholders will file a ​$10,000 ​claim, an average of 1 in 200…

Q: Based on historical data, an insurance company estimates that a particular customer has a 1.4%…

A: Given: The annual premium = $50 Average insurance payout = $1500 Likelihood of having accident =…

Q: If the publishing company has a total of 280 sales representatives, what is the expected bonus that…

A: The given data is, X P(X) X*P(X) 24000 0.11 2640 13000 0.35 4550 6000 0.12 720 Total 1…

Q: Based on historical data, an insurance company estimates that a particular customer has a 2.9%…

A: Given: An insurance company estimates that a particular customer has a 2.9% likelihood of having an…

Q: Derive the expected value of Y? 0, elsewh

A: Given:  Distribution function of lifespan of bulb in years is given  f(x)=(y*e^-y/10 )/100   :…

Q: 3. An insurance policy sells for $720. Based on past data, an average of 1 in 70 policyholders will…

A: Expected value is used to measure the average of the probability distribution. It is calculated by…

Q: You draw and keep a single coin from a bowl that contains 12 pennies, 9 dimes, and 20 quarters. What…

A: The given information is that the bowl contains the12 pennies, 9 dimes, and 20 quarters.It is known…

Q: An insurance policy sells for $720. Based on past data, an average of 1 in 70 policyholders will…

A: an average of 1 in 70 policyholders will file a $10,000 claim, an average of 1 in 100 policyholders…

Q: Provide an appropriate response. 12) A 28-year-old man pays $165 for a one-year life insurance…

A:

Q: What is the expected value of a single ticket in the raffle?

A: To find  expected value of a single ticket in the raffle

Q: Jet Blue is considering adding a route to the city of Minneapolis, MN. After considerable research,…

A: Note: Hi there! Thank you for posting the question. As there are several independent questions,…

Q: At age 50, Ann must choose between taking $18,000 at age 60 if she is alive then, or $32,000 at age…

A: Given The probability of a person aged 50 living to be 60 is 0.81The probability of a person aged 50…

Q: 2. If an insurance company issues a $200,000 five-year policy on a man whose probability of living…

A: It is given that an insurance company issues a $200000 five years policy on a man whose probability…