Richies insurance company offers a 250,000 life insurance policy for a premium of $750 per year. If the probability you live through the year is .9977 what is the expected value to the insurance company

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: What is the probability that the accident occurred on either the evening or the graveyard shift?

A: It is given that P(evening) = (6 + 25)% = 31% = 0.31 P(graveyard) = (2 + 30)% = 32% = 0.32

Q: what is the probability that you will live forever? what is the probability that an octopus will…

A: There are various types of events. One of them is impossible events. Events which are sure not to…

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: You got a Straight Flush in Poker! Given that information, what is the probability that you are…

A: Given information: Straight Flush in Poker A Straight Flush consists of 5 consecutive cards in the…

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: (c) If a bank receives on the average of 6 bad cheques per day. Find the probability that it will…

A: Solution

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

A: Solution: Given information:   The probability of surviving insurance a quest is 80.9% = 0.809 given…

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: What is the probability that a sale will be made before the fourth sales call if the probability you…

A: From the given  information, Probability of success (he made sale call) = 0.17 p=0.17q=1-0.17  =0.83…

Q: What is the probability that your best friend will order fries with her special?

A: Probability of an event occurring is defined as the ratio of the number of favorable outcomes to the…

Q: Given that a Condo is purchased, what is the probability the mortgage is Adjustable?

A: The given summarized table is, From the table,  The probability of condo is purchased is,

Q: What is the probability that none is 1.

A: Answer: n = 9 cards

Q: What is the probability that thanksgiving falls on a thursday?

A: Thanksgiving day:It is known that Thanksgiving is always celebrated on fourth Thursday of November…

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: Find the probability that Joe is early tomorrow. Given that Joe was early, what is the conditional…

A: Define some events A: it will rain B: it will not rain E: Joe is early to work.

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: A town recently dismissed 8employees in order to meet their new budget reductions. The town had 6…

A:

Q: Suppose you flip a fair coin twice. What is the probability that the outcome is the same both times?…

A: Consider the head surface of the coin is H and the tail surface is T. The coin flips twice.…

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

Q: d. What is the probability that two or more online retail orders will turn out to be fraudulent?

A: Let p = probability of being fraudulent. Given that p = 0.08 Let X denote the number of fraudulent…

Q: What is the probability that A car requires a tune-up but not brake job.

A: At a tune-up and broke repair shop, the manager has found that a car will require the following…

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: The average number of homes sold by the Fidelity Realty company is 3 homes per day. What is the…

A: Solution

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

A: From the information, the probability of surviving such a quest is 0.955 and the probability of not…

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

A:

Q: A town recently dismissed 6 employees in order to meet their new budget reductions. The town had 6…

A: Given data: The numbers of employees dismissed are d=6. The numbers of employees over 50 years are…

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

A: Formula used:

Q: In a proposed business venture, a company estimates that there is a 60% chance the company will make…

A: Introduction: Hey there! Thank you for the question. As you have posted multiple questions,…

Q: a If a family now lives in an urban location, what is the probability that it will live in an urban…

A: Since there are multiple parts first part is answered step by step. Kindly repost for more help.

Q: The National Association of Realtors estimates that 23% of all homes purchased in 2004 were…

A:

Q: An insurance company insures a house worth P4.500,000 for an annual premium of P25,000. If the…

A: The company's expected profit is obtained as given below: Expected value: Expected…

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: What is the probability that it rains tomorrow?

A: Here define events and draw tree diagram

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: If it is known that the probability that a light bulb works correctly is 9 times greater than the…

A: We are given that  Bulbs works correctly is 9 times of that it has fault. Number of bulbs = 100…

Q: What is the probability that a shopper will check prices online but not use online coupons or a…

A: Venn diagram uses circle to represent a set. The overlapping portions of circles represents the…

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: The probability of surviving = 0.885Money earned by BIC if the insured person survives = 9970 silver…

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

A:

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: What is the probability at least one if left-handed?

A: Let p be the probability that a person is left-handed. Here, p=1-0.90=0.10 Let X represents the…

Q: Sweetwater & Associates write weekend trip insurance at a very nominal charge. Records show that the…

A:

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: What is the relationship between two events if the conditional probability is equal to the…

A: Given if P(A|B) = P(A)

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…

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.