![Stats: Modeling the World Nasta Edition Grades 9-12](https://www.bartleby.com/isbn_cover_images/9780131359581/9780131359581_largeCoverImage.gif)
Stats: Modeling the World Nasta Edition Grades 9-12
3rd Edition
ISBN: 9780131359581
Author: David E. Bock, Paul F. Velleman, Richard D. De Veaux
Publisher: PEARSON
expand_more
expand_more
format_list_bulleted
Concept explainers
Question
Chapter PIV, Problem 19RE
To determine
To Calculate: If mortality tables show that just 2.6 percent of women aged 65 die within a year, the company's expected benefit on such policies.
Expert Solution & Answer
![Check Mark](/static/check-mark.png)
Explanation of Solution
Given:
The Insurance Premium Rate n= 100000$;
The chance that women would die within one year at the age of 65 p=0.026;
Formula used:
Calculation:
Mean = np = 10000 (0.026) = 2600$
Premium received = 520$
Profit of the company = 2600 -520 = 2080$
The organisation would pay 2080 dollars. Then the benefit is -2080$
Chapter PIV Solutions
Stats: Modeling the World Nasta Edition Grades 9-12
Ch. PIV - Prob. 1RECh. PIV - Prob. 2RECh. PIV - Prob. 3RECh. PIV - Prob. 4RECh. PIV - Prob. 5RECh. PIV - Prob. 6RECh. PIV - Prob. 7RECh. PIV - Prob. 8RECh. PIV - Prob. 9RECh. PIV - Prob. 10RE
Ch. PIV - Prob. 11RECh. PIV - Prob. 12RECh. PIV - Prob. 13RECh. PIV - Prob. 14RECh. PIV - Prob. 15RECh. PIV - Prob. 16RECh. PIV - Prob. 17RECh. PIV - Prob. 18RECh. PIV - Prob. 19RECh. PIV - Prob. 20RECh. PIV - Prob. 21RECh. PIV - Prob. 22RECh. PIV - Prob. 23RECh. PIV - Prob. 24RECh. PIV - Prob. 25RECh. PIV - Prob. 26RECh. PIV - Prob. 27RECh. PIV - Prob. 28RECh. PIV - Prob. 29RECh. PIV - Prob. 30RECh. PIV - Prob. 31RECh. PIV - Prob. 32RECh. PIV - Prob. 33RECh. PIV - Prob. 34RECh. PIV - Prob. 35RECh. PIV - Prob. 36RECh. PIV - Prob. 37RECh. PIV - Prob. 38RECh. PIV - Prob. 39RECh. PIV - Prob. 40RECh. PIV - Prob. 41RECh. PIV - Prob. 42RE
Additional Math Textbook Solutions
Find more solutions based on key concepts
Views on Capital Punishment Use the data given in Exercise 7.23. Make the two given tables into one table by co...
Introductory Statistics
Explain the meaning of the term “statistically significant difference” in statistics terminology.
Intro Stats
Prove that smoking level day and ethnicity are dependent events.
Introductory Statistics
z Scores. In Exercises 5-8, express all z scores with two decimal places.
8. Plastic Waste Data Set 31 “Garbage...
Elementary Statistics Using Excel (6th Edition)
A father rates his daughter as a 2 on a 7-point scale (from 1 to 7) of crankiness. In this example, (a) what is...
Statistics for Psychology
In hypothesis testing, the common level of significance is =0.05. Some might argue for a level of significance ...
Basic Business Statistics, Student Value Edition (13th Edition)
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, statistics and related others by exploring similar questions and additional content below.Recommended textbooks for you
- MATLAB: An Introduction with ApplicationsStatisticsISBN:9781119256830Author:Amos GilatPublisher:John Wiley & Sons IncProbability and Statistics for Engineering and th...StatisticsISBN:9781305251809Author:Jay L. DevorePublisher:Cengage LearningStatistics for The Behavioral Sciences (MindTap C...StatisticsISBN:9781305504912Author:Frederick J Gravetter, Larry B. WallnauPublisher:Cengage Learning
- Elementary Statistics: Picturing the World (7th E...StatisticsISBN:9780134683416Author:Ron Larson, Betsy FarberPublisher:PEARSONThe Basic Practice of StatisticsStatisticsISBN:9781319042578Author:David S. Moore, William I. Notz, Michael A. FlignerPublisher:W. H. FreemanIntroduction to the Practice of StatisticsStatisticsISBN:9781319013387Author:David S. Moore, George P. McCabe, Bruce A. CraigPublisher:W. H. Freeman
![Text book image](https://www.bartleby.com/isbn_cover_images/9781119256830/9781119256830_smallCoverImage.gif)
MATLAB: An Introduction with Applications
Statistics
ISBN:9781119256830
Author:Amos Gilat
Publisher:John Wiley & Sons Inc
![Text book image](https://www.bartleby.com/isbn_cover_images/9781305251809/9781305251809_smallCoverImage.gif)
Probability and Statistics for Engineering and th...
Statistics
ISBN:9781305251809
Author:Jay L. Devore
Publisher:Cengage Learning
![Text book image](https://www.bartleby.com/isbn_cover_images/9781305504912/9781305504912_smallCoverImage.gif)
Statistics for The Behavioral Sciences (MindTap C...
Statistics
ISBN:9781305504912
Author:Frederick J Gravetter, Larry B. Wallnau
Publisher:Cengage Learning
![Text book image](https://www.bartleby.com/isbn_cover_images/9780134683416/9780134683416_smallCoverImage.gif)
Elementary Statistics: Picturing the World (7th E...
Statistics
ISBN:9780134683416
Author:Ron Larson, Betsy Farber
Publisher:PEARSON
![Text book image](https://www.bartleby.com/isbn_cover_images/9781319042578/9781319042578_smallCoverImage.gif)
The Basic Practice of Statistics
Statistics
ISBN:9781319042578
Author:David S. Moore, William I. Notz, Michael A. Fligner
Publisher:W. H. Freeman
![Text book image](https://www.bartleby.com/isbn_cover_images/9781319013387/9781319013387_smallCoverImage.gif)
Introduction to the Practice of Statistics
Statistics
ISBN:9781319013387
Author:David S. Moore, George P. McCabe, Bruce A. Craig
Publisher:W. H. Freeman
Which is the best chart: Selecting among 14 types of charts Part II; Author: 365 Data Science;https://www.youtube.com/watch?v=qGaIB-bRn-A;License: Standard YouTube License, CC-BY