Plz answer within 45 min thankyou... Company ABC provides a warranty on a product that it produces. Each year, the number ofwarranty claims follows a binomial distribution with mean 1.5 and variance 1.125.Company ABC purchases an insurance policy that will reduce its overall warranty claim paymentcosts. The insurance policy will pay 5000 for each warranty claim received until the end of the year;however, the total annual policy payment will not be greater than 15,000.Calculate the expected amount of annual insurance policy payments to Company ABC.67249957728869914110

Given the number of warranty claims follow a binomial distribution with Mean=1.5Varaince=1.125

Answered: Company ABC provides a warranty on a…

MATLAB: An Introduction with Applications

6th Edition

ISBN:9781119256830

Author:Amos Gilat

Publisher:Amos Gilat

Chapter1: Starting With Matlab

Section: Chapter Questions

Problem 1P

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An insurance company knows that the average cost to build a home in a new California subdivision is $96,618 and that in any particular year there is a 1 in 3 chance of a wildfire destroying all the homes in the subdivision. Based on these data and assuming the insurance company wants a positive expected value when it sells policies, what is the minimum the company must charge for fire insurance policies in this subdivision?
Suppose that you are considering an investment project with a two-year life. If the annual cash flows are given in terms of three-point estimates and these cash flows are statistically independent of each other, compute the mean and variance of the NPW distribution. Use a risk-free discount rate of 10%.
the impact of a television commercial, measured in terms of excess sales volume over a given period, is believed to be approximately normally distributed with mean 50,000 and variance 9,000,000, find 0.99 probability bounds on the volume of excess sales that would result from a given airing of the commercial.
An IT consultancy in Singapore that offers telephony solutions to small businesses claims that its new call handling software will enable clients to increase suc cessful inbound calls by an average of 75 calls per week. For a random sample of 25 small-business users of this software, the average increase in successful inbound calls was 70.2 and the sample standard deviation was 8.4 calls. Test, at the 5% level, the null hypothesis that the population mean increase is at least 75 calls. Assume a normal distribution.
What are the expected number of yearly breakdowns for the power generator at Orlando Utilities that hasexhibited the following data over the past 20 years?
Suppose that the waiting time for a license plate renewal at a local office of a statemotor vehicle department has been found to be normally distributed with a mean of30 minutes and a standard deviation of 8 minutes.i. What is the probability that a randomly selected individual will have a waitingtime of at least 10 minutes?ii. What is the probability that a randomly selected individual will have a waitingtime between 15 and 45 minutes?iii. Suppose that in an effort to provide better service to the public, the director ofthe local office is permitted to provide discounts to those individuals whosewaiting time exceeds a predetermined time. The director decides that 15percent of the customers should receive this discount. What number ofminutes do they need to wait to receive the discount?
The number of emails a professor receives per day is observed to be a Poisson random variable with variance 81. The professor replies to each email with probability 2/3, independently of all other emails, and each reply takes five minutes to write. What is the expected length of time spent writing email replies per day (to the nearest minute)?
In attempting to improve student services, a college investigates its registration process and finds that for 12 randomly selected students, the mean registration time was 73.2 minutes with a standard deviation of 14.2 minutes. Another college finds that for 15 randomly selected students, the mean registration time was 42.3 minutes with a standard deviation of 9.8 minutes. At the 0.01 significance level, test the claim that the two samples came from populations with the same means. Assume equal population variances.
A company sends a random sample of 16 of its sales people to a course designed to increase their motivation and, hence, presumably their effectiveness. In the following year these people generated sales with an average value of $625,000 and a sample standard deviation of $80,000. During the same period, an independently chosen random sample of 10 salespeople who had not attended the course obtained sales with an average value of $608,000 and a sample standard deviation of $73,000. Assume that the two population distributions are normal and have the same variance. Find a 90% confidence interval estimate for the difference between the population mean sales for sales-people who attended the motivational course and for those salespeople who did not attend the course.
(1) Calculate variance and standard deviation (2) obtain the Pearson coefficient of skewness and comment on the distribution

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