4. An insurance company classifies people into one of the three classes - good risks, average risks and bad risks. 30% of the population are labelled as "good risk", 60% as "average risk" and the remaining as "bad risk". Their records indicate that over a 1-year span 10% of good risk people, 20% of average risk people, and 30% of bad risk people are involved in an accident.Determine the probability of a randomly selected policy holder being involved in an accident.

4. An insurance company classifies people into one of the three classes - good risks, average risks and bad risks. 30% of the population are labelled as "good risk", 60% as "average risk" and the remaining as "bad risk". Their records indicate that over a 1-year span 10% of good risk people, 20% of average risk people, and 30% of bad risk people are involved in an accident.Determine the probability of a randomly selected policy holder being involved in an accident.

College Algebra

10th Edition

ISBN:9781337282291

Author:Ron Larson

Publisher:Ron Larson

Chapter8: Sequences, Series,and Probability

Section8.7: Probability

Problem 4ECP: Show that the probability of drawing a club at random from a standard deck of 52 playing cards is...

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