An insurance company insures a house worth P4.500,000 for an annual premium of P25,000. If the company figures that the probability of the house being burned down by fire is 0.005, what will be the company's expected profit?

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

A: Expected value :- E(X) = ∑xP(x)

Q: The auto parts department of an automotive dealership sends out a mean of 3.6 special orders daily.…

A: Consider X be random variable which follows Poisson distribution indicating the number of special…

Q: Brandybuck Insurance Company (BIC) is deciding whether to insure the lives of those leading a quest…

A:

Q: The approach, to develop the binomial probability distribution, begins with the:

A: For binomial distribution, each trial has to be independent of each other and each trial must have…

Q: Use a formula to determine the expected probability of an event

A: we have to tell among which of the option describes the theoretical proability.

Q: to the grand prize in the academic incentive program. Which is ciosest to the probability that the…

A: here Given  The table of No of students who got Double As and One student will be selected from this…

Q: A man purchased a $25,000, 1-year term-life insurance policy for $350. Assuming that the probability…

A: Given:A man purchased a $25,000, 1-year term-life insurance policy for $350.The probability that he…

Q: An insurance company has written 100 policies for $75,000, 500 policies for $20,000, and 1000…

A:

Q: A 28-year-old man pays $110 for a one-year life insurance policy with coverage of $100,000. If the…

A:

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: Brandybuck Insurance Company (BIC) is deciding whether to insure the lives of those leading a quest…

A: Given, Probablity of surviving is 96.9%.  Premium charged by BIC is 8416 silver coins. Death benifit…

Q: A man purchased a $23,000, 1-year term-life insurance policy for $400. Assuming that the probability…

A: Given that probability that he will live for another year = 0.987 Probability that he will die…

Q: If X ~ exp ((b), calculate the probability that X exceeds its expected value.

A: It is given that X~Exp(b), the PDF PDF of X is given by,

Q: Brandybuck Insurance Company (BIC) is deciding whether to insure the lives of those leading a quest…

A: Given Data: Probability of surviving=0.865 Probability of death=1-0.865=0.135 Premium=7905 Death…

Q: Brandybuck Insurance Company (BIC) is deciding whether to insure the lives of those leading a quest…

A: Given that, Probability of surviving = P(Surviving) = 89.8% = 89.8 ÷ 100 = 0.898 Probability of…

Q: In a raffle where 6000 tickets are sold for $2 each, one prize of $7900 will be awarded.   What is…

A:

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: An insurance company sells a policy for $800. There is a 1/20 chance that the insurance company will…

A: Random variables are of 2 types, discrete and continuous. A discrete random variable can only take…

Q: a. What is the probability that Harriet misses for the first time on her 10th shot? b. What is the…

A: here given ,  Harriet , a basket ball player can score from the 3-point line with probability 87%  p…

Q: In a game of chance, the probability of winning a $50 prize is 40 percent, and the probability of…

A:

Q: Brandybuck Insurance Company (BIC) is deciding whether to insure the lives of those leading a quest…

A: Given: BIC charges a premium = 6591 silver coins. BIC pay a death benefit = 47460 The probability of…

Q: 1. Assume that the current price of Microsoft stock is $28 per share. What is the probability that…

A: The given current price of the stock is S=28 Let K=35 To calculate the probability of the price of…

Q: Brandybuck Insurance Company (BIC) is deciding whether to insure the lives of those leading a quest…

A: From the given information, the probability of surviving such a quest is 94.0% and the probability…

Q: Brandybuck Insurance Company (BIC) is deciding whether to insure the lives of those leading a quest…

A: Formula :  Expected value = ∑xP(x)

Q: Brandybuck Insurance Company (BIC) is deciding whether to insure the lives of those leading a quest…

A: In statistics, the continuous variables are variables whose values can be given by an interval, they…

Q: Brandybuck Insurance Company (BIC) is deciding whether to insure the lives of those leading a quest…

A: Consider the provided question, Probability that insured survives happens = 0.805 and, the insurance…

Q: Brandybuck Insurance Company (BIC) is deciding whether to insure the lives of those leading a quest…

A:

Q: Find the probability of an event E if the odds for E is equal to the odds against

A: Odds of an event:The odds an event is given by the ratio of the probability of the event to its…

Q: A man purchased a $22,000, 1-year term-life insurance policy for $400. Assuming that the probability…

A: Formula used:

Q: A church is holding a raffle and sells 500 tickets for $2 each. If the church awards one $100 first…

A: There is one $100 prize  So the probability of winning $100 is = 1/500    there are two $50 prize So…

Q: An insurance company has written 50 policies for ​$125,000​, 100 policies for ​$30,000​, and 250…

A: we can find n = (50*125000+100*30000+250*10000) = 11750000

Q: Brandybuck Insurance Company (BIC) is deciding whether to insure the lives of those leading a quest…

A:

Q: Richies insurance company offers a 250,000 life insurance policy for a premium of $750 per year. If…

A: Let X be the net value of the policy to the insurance company. X be the discrete random variable.…

Q: A man purchased a $26,000, 1-year term-life insurance policy for $375. Assuming that the probability…

A: The probability that the man will live another year= 0.99 =the probability that the company loses…

Q: that promises a profit of $37,000 with ap or a loss (due to lack of tourists, disinteres sters etc.)…

A: Given that the national park t-shirts is considering a sales that  promises a profit of $37000 with…

Q: The probability that Ms. Brown will sell a piece ofproperty at a profit of $3,000 is 3 20 , the…

A: Given,The probability of profit of $3,000 =320The probability of profit of $1,500 = 720The…

Q: Brandybuck Insurance Company (BIC) is deciding whether to insure the lives of those leading a quest…

A: Given data

Q: According to a life insurance​ company's mortality​ table, the probability that a woman of a certain…

A: The given data: Probability that a woman will survive= 0.993 Probability that the woman will die =…

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: A church is holding a raffle and sells 500 tickets for $2 each. If the church awards one $100 first…

A: Note:Hey there! Thank you for posting the question. Your question says “what is the expected value…

Q: What is the probability that passing grade?

A: Given: To find: 1).Probability of choosing female got pass marks 2).Probability of choosing  male…

Q: Brandybuck Insurance Company (BIC) is deciding whether to insure the lives of those leading a quest…

A: Given that, Probability of surviving = P(Surviving) = 95.8% = 95.8 ÷ 100 = 0.958 Probability of…

Q: the probability that more than 6 will need a warranty repair?

A: here given n = 20 p = probability that car needs warranty repair q = 1-p = 0.8 here use binomial…

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: Brandybuck Insurance Company (BIC) is deciding whether to insure the lives of those leading a quest…

A: The probability of surviving a quest is 0.892.

Q: Brandybuck Insurance Company (BIC) is deciding whether to insure the lives of those leading a quest…

A: Hello. Since your question has multiple parts, we will solve first question for you. If you want…

Q: Brandybuck Insurance Company (BIC) is deciding whether to insure the lives of those leading a quest…

A: Given information Probability of surviving the quest = 0.883Amount charged by the company = 8804…

Q: Brandybuck Insurance Company (BIC) is deciding whether to insure the lives of those leading a quest…

A: Introduction: The premium of 7,591 silver coins charged by the insurance company is the amount that…

Q: Brandybuck Insurance Company (BIC) is deciding whether to insure the lives of those leading a quest…

A: We make a table using the given information. Payment 0 49,518 Probability 95.5%=0.955…

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.