The mean of the damage in any year is $ (Round your response to two decimal places.) The standard deviation of the damage in any year is $ (Round your response to two decimal places.) Consider an "insurance pool" of 100 people whose homes are sufficiently dispersed so that, in any year, the damage to different homes can be viewed as independently distributed random variables. Let Y denote the average damage to these 100 homes in a year. (Round your response to two decimal places.) E(Y), the expected value of the average damage Y, is $

Probability distributions are of two types, which are continuous probability distributions and discrete probability distributions. A continuous probability distribution contains an infinite number of values. For example, if time is infinite: you could co…

Suppose we had to design a bathroom weighing scale, how would we decide what should be the range of the weighing machine? Would we take the highest recorded human weight in history and use that as the upper limit for our weighing scale? This may not be a…