Claims made follow a Poisson Process with rate of 9 per year. There are two type of claims, with 70% of Type 1. For Type 1 claims, Prob[size 5000] = 4%. For Type 2 claims, Prob[size > 5000] = 13%. The probability of more than one claim of size greater than 5000 in the next year.is

Claims made follow a Poisson Process with rate of 9 per year. There are two type of claims, with 70% of Type 1. For Type 1 claims, Prob[size 5000] = 4%. For Type 2 claims, Prob[size > 5000] = 13%. The probability of more than one claim of size greater than 5000 in the next year.is

College Algebra

7th Edition

ISBN:9781305115545

Author:James Stewart, Lothar Redlin, Saleem Watson

Publisher:James Stewart, Lothar Redlin, Saleem Watson

Chapter9: Counting And Probability

Section9.3: Binomial Probability

Problem 2E: If a binomial experiment has probability p success, then the probability of failure is...

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Question

Claims made follow a Poisson Process with rate of 9 per year. There are
two type of claims, with 70% of Type 1. For Type 1 claims, Prob[size >
5000] = 4%. For Type 2 claims, Prob[size > 5000] = 13%.
The probability of more than one claim of size greater than 5000 in the
next year.is
Select one:
a. 0.14
O b. 0.12
OC. 0.1
O d. 0.08

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