A life insurance salesman operates on the premise that the probability that a man reaching his sixtiethbirthday will not live to his sixty-first birthday is 0.05. On visiting a holiday resort for seniors, he sells 10policies to men approaching their sixtieth birthdays. Each policy comes into effect on the birthday of theinsured, and pays a fixed sum on death. All 10 policies can be assumed to be mutually independent. Provideanswers to the following to 3 decimal places.Part a)What is the expected number of policies that will pay out before the insured parties have reached age 61?0.5Part b)What is the variance of the number of policies that will pay out before the insured parties have reached age61?0.475Part c)What is the probability that at least two policies will pay out before the insured parties have reached age 61?

It is given that A life insurance salesman operates on the premise that the probability that a man…

Answered: Part a) What is the expected number of…

MATLAB: An Introduction with Applications

6th Edition

ISBN:9781119256830

Author:Amos Gilat

Publisher:Amos Gilat

Chapter1: Starting With Matlab

Section: Chapter Questions

Problem 1P

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12. Assume that the incidence of a certain virus in a particular population is 9% and that a test correctly identifies the virus 87% of the time. Assume that false positives occur 6% of the time. If a person tests positive for the virus, what is the probability that the person actually has the virus?
According to the famous law of large numbers, the empirical a very large number of times. probability approaches the probabilit
Suppose an RMG production line is known to have 6.6 flaws (defects) in every 50 products. a. What is the probability that there will be 16 flaws (defects) in a batch of 100 products? Answer in exact fraction, or rounded to at least 4 decimal places. b. What is the probability that there will be more than 5 flaws (defects) in a particular batch of 50 products? Answer in exact fraction, or rounded to at least 4 decimal places.
2
1/ A company is going to release four quarterly reports this year. Suppose the company has a 35% chance of beating analyst expectations each quarter. a. What is the probability that the company beats analyst expectations every quarter of this year? b. What is the probability the company beats analyst expectations more than half the time this year? c. What is the expected number of times the company will beat analyst expectations this year?
6. An expert witness for a paternity lawsuit testifies that the length of a pregnancy is normally distributed with a mean of 280 days and a standard deviation of 13 days. An alleged father was out of the country from 240 to 306 days before the birth of the child, so the pregnancy would have been less than 240 days or more than 306 days long if he was the father. The birth was uncomplicated, and the child needed no medical intervention. What is the probability that he was NOT the father? What is the probability that he could be the father?
For 10 percent of the products in a category, a firm fails to satisfy all demand during themonth. What is its in-stock probability?
8 In a supermarket, the prices marked on the signs that are placed on the shelf do not always correspond to the current price of the merchandise, since errors may occur when recording price changes. Assume that over time 60% of the price changes are increases and 40% are decreases. Assume also that 93% of the price increases are marked correctly, as are 98% of the reductions. If a price is not marked correctly, what is the probability that the change is a reduction?.
The principle of redundancy is used when system reliability is improved through redundant or backup components. Assume that a student's alarm clock has a 15.7% daily failure rate. Complete parts (a) through (d) below. a. What is the probability that the student's alarm clock will not work on the morning of an important final exam? | (Round to three decimal places as needed.) b. If the student has two such alarm clocks, what is the probability that they both fail on the morning of an important final exam? (Round to five decimal places as needed.) c. What is the probability of not being awakened if the student uses three independent alarm clocks? (Round to five decimal places as needed.) d. Do the second and third alarm clocks result in greatly improved reliability? O A. No, because total malfunction would still not be unlikely. O B. No, because the malfunction of both is equally or more likely than the malfunction of one. OC. Yes, because you can always be certain that at least one…
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2. If an insurance company issues a $200,000 five-year policy on a man whose probability of living for another five years is .994, what is the minimum that the expected cost to the company for this policy?
3. Assume that the wait time to see your family doctor is uniformly distribution been 10 and 30 minutes. A. What's the probability you wait more than 20 minutes to see your family doctor? B. What's the probability you less than 15 minutes to see your family doctor? C. What's the probability you wait between 20 and 25 minutes?

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