Answered: Determine the expected value (in…

Math

Probability

Determine the expected value (in dollars) that the insurance will pay for a single device

Algebra & Trigonometry with Analytic Geometry

13th Edition

ISBN:9781133382119

Author:Swokowski

Publisher:Swokowski

Chapter10: Sequences, Series, And Probability

Section: Chapter Questions

Problem 35T

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Question

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An appliance is insured against early failure. The lifetime of the appliance after being bought is exponentially distributed with an expected lifetime of 4.5 years. The insurance will pay 38,000 dollars if the device fails within its first year, and 19,000 dollars if the device fails within its second year. If the device fails after the second year, then the insurance pays nothing. Determine the expected value (in dollars) that the insurance will pay for a single device. Round off to the nearest whole number.

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