MATLAB: An Introduction with Applications
6th Edition
ISBN: 9781119256830
Author: Amos Gilat
Publisher: John Wiley & Sons Inc
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![**Educational Exercise: Probability and Insurance**
Suppose that 2 out of every 10 homeowners in the state of California have invested in earthquake insurance. Suppose 20 homeowners are randomly chosen to be interviewed.
### Tasks
(a) **What is the probability that at least one had earthquake insurance?**
*Round your answer to three decimal places.*
\[ \text{Answer: } \_\_\_\_ \]
(b) **What is the probability that four or more have earthquake insurance?**
*Round your answer to three decimal places.*
\[ \text{Answer: } \_\_\_\_ \]
(c) **Based on the empirical rule, within what limits would you expect the number of homeowners insured against earthquakes to fall approximately 95% of the time?**
*Round your answers to the nearest whole number.*
\[ \text{Answer: } \_\_\_\_ \text{ to } \_\_\_\_ \]
#### Instructions:
Use the provided "USE SALT" tool to assist in calculations and understanding of empirical rules and probability distributions.
Note: In answering these questions, consider utilizing statistical methods such as the binomial probability distribution to determine probabilities, and apply the empirical rule for estimating expected outcomes within a normal distribution context.](https://content.bartleby.com/qna-images/question/9175f245-2e1a-4def-805b-da74e3897838/52bee357-9d79-405a-9fc1-bffc47f2b383/p1cbruk_processed.png)
Transcribed Image Text:**Educational Exercise: Probability and Insurance**
Suppose that 2 out of every 10 homeowners in the state of California have invested in earthquake insurance. Suppose 20 homeowners are randomly chosen to be interviewed.
### Tasks
(a) **What is the probability that at least one had earthquake insurance?**
*Round your answer to three decimal places.*
\[ \text{Answer: } \_\_\_\_ \]
(b) **What is the probability that four or more have earthquake insurance?**
*Round your answer to three decimal places.*
\[ \text{Answer: } \_\_\_\_ \]
(c) **Based on the empirical rule, within what limits would you expect the number of homeowners insured against earthquakes to fall approximately 95% of the time?**
*Round your answers to the nearest whole number.*
\[ \text{Answer: } \_\_\_\_ \text{ to } \_\_\_\_ \]
#### Instructions:
Use the provided "USE SALT" tool to assist in calculations and understanding of empirical rules and probability distributions.
Note: In answering these questions, consider utilizing statistical methods such as the binomial probability distribution to determine probabilities, and apply the empirical rule for estimating expected outcomes within a normal distribution context.
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