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Concept explainers
To explain: that the researcher can purchase the policy with or without the deductible on the basis of this knowledge and how the importance of the researcher will affect this decision.
![Check Mark](/static/check-mark.png)
Explanation of Solution
Given:
X is the amount expenditure for the repair.
The expected money spent is,
X | C_500 | 12 |
P(X) | 0.005 | 0.995 |
Calculation:
Suppose, C is the expense of repairing the vehicle following an accident at fault.
The expenditure becomes zero.
0.005C-14.44 > 0
It is fair to take the policy if the repair value is greater than $2888. It is prudent to seek the policy if the value of the car is quite large than $2888.
Chapter PIV Solutions
Stats: Modeling the World Nasta Edition Grades 9-12
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