The annual premium for a $15,000 insurance policy against the theft of a painting is $200. If the (empirical) probability that the painting will be stolen during the year is0.01, what is your expected return from the insurance company if you take out this insurance?.....Let X be the random variable for the amount of money received from the insurance company in the given year.E(X) = dollars%3D

Given that, The annual premium for a $15,000 insurance policy against the theft of a painting is…

Answered: The annual premium for a $15,000…

Advanced Engineering Mathematics

10th Edition

ISBN:9780470458365

Author:Erwin Kreyszig

Publisher:Erwin Kreyszig

Chapter2: Second-order Linear Odes

Section: Chapter Questions

Problem 1RQ

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Insurance: An insurance company sells a 1-year term life insurance policy to an 76-year-old man. The man pays a premium of s3800. If he dies within 1 year, the company will pay s82,000 to his beneficiary. According to the U.S. Centers for Disease Control and Prevention, the probability that an 76-year- old man will be alive i year later is 0.9537. Let x be the profit made by the insurance company. Part: 0 / 2 Part 1 of 2 (a) Find the probability distribution. The probability distribution is 3800 P(x)
For a particular disease, the probability that a patient passes away within the xth year is given by the following table: x P(x) 0 0.039 1 0.034 2 0.337 3 0.291 4 0.25 5 0.023 6 0.026 This means that the probability that someone passes away within the first year is 0.039. The probability that they pass away after one year would be 0.034. What is the mean number of years someone survives? (round to two decimal places) What is the standard deviation for the number of years someone survives? (round to two decimal places) The Range Rule of Thumb for survival would be: years to years. (Round each to two decimal places.) In your own words, interpret what the Range Rule of Thumb tells us about this disease. (If you don't remember what the Range Rule of Thumb is, review the heading "Unusual Values" in the Learning Activities.)
Suppose that the random variable xx, shown below, represents the number of speeding tickets a person received in a three-year period. P(x)P(x) represents the probability of a randomly selected person having received that number of speeding tickets during that period. Use the probability distribution table shown below to answer the following questions. xx P(x)P(x) 0 0.3891 1 0.281 2 0.1497 3 0.098 4 0.0471 5 0.0351 6+ 0.0000 What is the probability that a randomly selected person has received four or more tickets in a three-year period?P(x≥4)What is the probability that a randomly selected person has received more than four tickets in a three-year period?P(x>4)I got wrong answer 0.0352 and 0.0754! I have a hard time
The annual premium for a $15,000 insurance policy against the theft of a painting is $250. If the (empirical) probability that the painting will be stolen during the year is 0.02, what is your expected return from the insurance company if you take out this insurance? Let X be the random variable for the amount of money received from the insurance company in the given year. E(X)= dollars
Find E(X), Var(X), and the standard deviation of X, where X is the random variable whose probability table is given in the table below. Outcome 1 2 3 1 1 Probability 5 5 What is the expected value of the random variable X associated with the probability table given in the problem statement? E(X) = 12 5 (Type an integer or a simplified fraction.) What is the variance of the random variable X? Var(X) = (Type an integer or a simplified fraction.) 35 ■ . = C (-) Moro
Suppose that the random variable xx, shown below, represents the number of speeding tickets a person received in a three-year period. P(x)P(x) represents the probability of a randomly selected person having received that number of speeding tickets during that period. Use the probability distribution table shown below to answer the following questions. xx P(x)P(x) 0 0.287 1 0.2846 2 0.2375 3 0.0992 4 0.0471 5 0.0446 6+ 0.0000 a) What is the probability that a randomly selected person has received four tickets in a three-year period?P(x=4)=P(x=4)=b) What is the probability that a randomly selected person has received four or more tickets in a three-year period?P(x≥4)=P(x≥4)=c) What is the probability that a randomly selected person has received more than four tickets in a three-year period? P(x>4)=P(x>4)=d) Would it be unusual to randomly select a person who has received four tickets in a three-year period? Yes No e) Which probability should we use to…
Suppose that the random variable xx, shown below, represents the number of speeding tickets a person received in a three-year period. P(x)P(x) represents the probability of a randomly selected person having received that number of speeding tickets during that period. Use the probability distribution table shown below to answer the following questions. xx P(x)P(x) 0 0.3891 1 0.281 2 0.1497 3 0.098 4 0.0471 5 0.0351 6+ 0.0000 What is the probability that a randomly selected person has received four or more tickets in a three-year period?P(x≥4)=What is the probability that a randomly selected person has received more than four tickets in a three-year period?P(x>4)=Help me, please?
0.035 0.063 0.182 0.430
Five thousand tickets are sold at $1 each for a charity raffle. Tickets are to be drawn at random and monetary prizes awarded as follows: 1 prize of $900, 3 prizes of $100, 5 prizes of $20, and 20 prizes of $5. What is the expected value of this raffle if you buy 1 ticket? Let X be the random variable for the amount won on a single raffle ticket. E(X) =dollars (Round to the nearest cent as needed.) Room Clear all Check answer Help me solve this View an example Textbook Dlesceuieit o F ahnite for more innformation etv S- RA A FEB 6 ... MacBook Air F12 FIO 20 F3 888 F4 F7 F5 esc F1 $ % & * 8 9 4 5 6 2 P Y T # 3
Dispatches to the Miami Coast Guard Search & Rescue Division concern either routine or emergency cases. The time to process a routine case is an exponential random variable with an expected value of 3 minutes, while the time to process an emergency case is an exponential random variable with an expected value of 10 minutes. A dispatch is routine with a probability of 0.8, or an emergency with a probability of 0.2. The status of dispatches and processing times are independent across dispatches. Let X be the processing time of the next dispatch. a) Calculate P{X > 4}.b) Calculate E[X].c) Calculate Var(X). (Hint: Var(X) = E[Var(X |Y )] + Var(E[X |Y ]).
For a particular disease, the probability that a patient passes away within the xth year is given by the following table: xx P(x)P(x) 0 0.016 1 0.031 2 0.256 3 0.298 4 0.35 5 0.028 6 0.021 This means that the probability that someone passes away within the first year is 0.016. The probability that they pass away after one year would be 0.031. What is the mean number of years someone survives? (round to two decimal places) What is the standard deviation for the number of years someone survives? (round to two decimal places) The Range Rule of Thumb for survival would be: years to years. (Round each to two decimal places.) In your own words, interpret what the Range Rule of Thumb tells us about this disease. (If you don't remember what the Range Rule of Thumb is, review the heading "Unusual Values" in the Learning Activities.)
Suppose the probability function for x is such that p(x=1)=0.3, p(x=2)=0.4 and p(x=3)=0.3. What is the variance of x ?

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