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4. (2.5 Points) The probability distribution of loss due to a fire damage to a warehouse...
The average loss associated to fire damage is µ = 500 $ per house and the...
The average loss associated to fire damage is µ = 500 $ per house and the standard deviation for the loss is σ = 10 000 $. The distribution of the losses is largely asymetrical towards the right. Supposing that the insurance company sells insurance policies for 600$. If the company sells 50 000 polices, what's the approximative probability that the average loss in a year is greater than 600$?
The probability distribution for damage claims paid by the Newton Automobile Insurance Company on collision insurance...
The probability distribution for damage claims paid by the Newton Automobile Insurance Company on collision insurance follows. Payment ($) Probability 0 0.82 500 0.05 1000 0.04 3000 0.04 5000 0.03 8000 0.01 10000 0.01 a. Use the expected collision payment to determine the collision insurance premium that would enable the company to break even. Answer: $ b. The insurance company charges an annual rate of $595 for the collision coverage. What is the expected value of the collision policy for...
6) The loss, L, due to a grease fire at Danny's Diner follows an exp(.4) distribution. Determine ...
Don't do 6. 6 is here as a reference for 7 and 8. Thank you
6) The loss, L, due to a grease fire at Danny's Diner follows an exp(.4) distribution. Determine (1 < L< 4) a) .592 b).468 )427 d).384 e).340 e) .34 0 7) In (6), determine the probability that the insurance payout exceeds 3, given that the loss exceeds the policy deductible 1 a).225 b) .256 c).277 d).293 e) .301 8) In (6), determine E(payout). note: the...
Part Six: Problem (7 points) In 2019, Puppy Specialties experienced a major loss due to a fire in the warehouse. Th...
Part Six: Problem (7 points) In 2019, Puppy Specialties experienced a major loss due to a fire in the warehouse. The fire destroyed its entire inventory. The company began the year with inventory of $598. It made purchases of $2,400 but returned $24 worth of merchandise. Sales prior to the fire were $3,945. Puppy Specialties must use the gross profit method to determine inventory on hand on the date of the fire. Below is an excerpt of its income statement...
For the following probability distribution x fx) 0 0.01 0.02 0.10 0.35 4 0.20 0.18 0.06...
For the following probability distribution x fx) 0 0.01 0.02 0.10 0.35 4 0.20 0.18 0.06 0.05 0.09 0.03 0.10 Upload a file detailing all of the work needed for these questions. a. b. c. Determine E(x). (2 points) Determine the variance. (2 points) Determine the standard deviation. (1 point)
PHYS1047 a) Given a random variable x, with a continuous probability distribution function fx) 4 marks...
PHYS1047 a) Given a random variable x, with a continuous probability distribution function fx) 4 marks b) The life expectancy (in days) of a mechanical system has a probability density write down equations for the cumulative distribution C(x) and the survival distribution Px). State a relationship between them. function f(x)=1/x, for x21, and f(x)=0 for x <1. i Find the probability that the system lasts between 0 and I day.2 marks i) Find the probability that the system lasts between...
uestion t: Le be arasiom variable with the following probability mass function (pm 4 7 0,...
uestion t: Le be arasiom variable with the following probability mass function (pm 4 7 0, o. w 10 points) Calculate &N-AX+ 10 points) Write the cumulative distribution function (edf) of X. 10 points) IP't is Known that A is positive, what is the probability that X is greater than 5?
Can you help me with the binomial probability distribution? Please see instructions in the two images....
Can you help me with the binomial probability distribution?
Please see instructions in the two images. Thank you.
Binomial Probability Distribution 1. Explain in your own words the importance of studying the binomial probability distribution. 2. Next, the probability distribution of a random variable is presented x. 20 25 30 35 f(x) 0.38 0.10 0.15 0.37 a) What is presented in the table, is it a probability distribution? Explain. b) What is the probability that x = 35? c) What...
1. (3 POINTS) An insurance policy pays a individual $500 per day for up to 3...
1. (3 POINTS) An insurance policy pays a individual $500 per day for up to 3 days of hospitalization and $100 per day for each day of hospitalization thereafter. The number of days of hospitalization is a random variable X with P(X=x) = (6-x)/15, if x = 1,2,3,4,5. Calculate the expected payment for hospitalization under this policy. 2. (4 POINTS) An insurance policy reimburses a loss up to a benefit limit 0f $10. There is no deductible. The policyholder’s...
4. (20 points) Suppose the joint distribution of X and Y is: fxy(x, y) 1 0...
4. (20 points) Suppose the joint distribution of X and Y is: fxy(x, y) 1 0 1 2 3 0.04 0.06 0.01 0.00 0.13 0.13 0.02 0.12 0.04 0.06 0.00 0.11 0.07 0.10 0.06 (a) (4 points) Find the marginal distributions of X and Y. (b) (4 points) Given X = 3, what is the probability that random variable Y is at most 2?. (c) (4 points) Are random variables X and Y independent? Why or why not? (d) (4...
Don't do 6. 6 is here as a reference for 7 and 8. Thank you
6) The loss, L, due to a grease fire at Danny's Diner follows an exp(.4) distribution. Determine (1 < L< 4) a) .592 b).468 )427 d).384 e).340 e) .34 0 7) In (6), determine the probability that the insurance payout exceeds 3, given that the loss exceeds the policy deductible 1 a).225 b) .256 c).277 d).293 e) .301 8) In (6), determine E(payout). note: the...
Part Six: Problem (7 points) In 2019, Puppy Specialties experienced a major loss due to a fire in the warehouse. The fire destroyed its entire inventory. The company began the year with inventory of $598. It made purchases of $2,400 but returned $24 worth of merchandise. Sales prior to the fire were $3,945. Puppy Specialties must use the gross profit method to determine inventory on hand on the date of the fire. Below is an excerpt of its income statement...
For the following probability distribution x fx) 0 0.01 0.02 0.10 0.35 4 0.20 0.18 0.06 0.05 0.09 0.03 0.10 Upload a file detailing all of the work needed for these questions. a. b. c. Determine E(x). (2 points) Determine the variance. (2 points) Determine the standard deviation. (1 point)
PHYS1047 a) Given a random variable x, with a continuous probability distribution function fx) 4 marks b) The life expectancy (in days) of a mechanical system has a probability density write down equations for the cumulative distribution C(x) and the survival distribution Px). State a relationship between them. function f(x)=1/x, for x21, and f(x)=0 for x <1. i Find the probability that the system lasts between 0 and I day.2 marks i) Find the probability that the system lasts between...
uestion t: Le be arasiom variable with the following probability mass function (pm 4 7 0, o. w 10 points) Calculate &N-AX+ 10 points) Write the cumulative distribution function (edf) of X. 10 points) IP't is Known that A is positive, what is the probability that X is greater than 5?
Can you help me with the binomial probability distribution?
Please see instructions in the two images. Thank you.
Binomial Probability Distribution 1. Explain in your own words the importance of studying the binomial probability distribution. 2. Next, the probability distribution of a random variable is presented x. 20 25 30 35 f(x) 0.38 0.10 0.15 0.37 a) What is presented in the table, is it a probability distribution? Explain. b) What is the probability that x = 35? c) What...
4. (20 points) Suppose the joint distribution of X and Y is: fxy(x, y) 1 0 1 2 3 0.04 0.06 0.01 0.00 0.13 0.13 0.02 0.12 0.04 0.06 0.00 0.11 0.07 0.10 0.06 (a) (4 points) Find the marginal distributions of X and Y. (b) (4 points) Given X = 3, what is the probability that random variable Y is at most 2?. (c) (4 points) Are random variables X and Y independent? Why or why not? (d) (4...
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