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The probability distribution for damage claims paid by the Newton Automobile Insurance Company on collision insurance follows.
Payment ($) Probability0 .85500 .041000 .043000 .035000 .028000 .0110000 .01
(a) Use the expected collision payment to determine the collision insurance premium that would enable the company to break even on the policy.
(b) The insurance company charges an annual rate of $520 for the collision insurance. What is the expected value of the collision policy for a policyholder? (Hint: It is the expected payments from the company minus the cost of the coverage). Why does a policyholder purchase a collision policy with this expected value?
Get an answer from tutors to this homework question now: Under what circumstances is the experimentwise alpha level a concern?
Which measure of association would the researcher use to compare the relationship between the IV and DV? Why?
Support colour-coding on packaged food to indicate healthier options
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A minority representation group accuses a major bank of racial discrimination in its recent hires for financial analysts. Exactly 10% of all applications were from minority members, and exactly 8% of the 900 open positions were filled by members o..
At a certain university, the average cost of books per student was 400.00 last semester. In a sample of 40 students this semsester, their average cost was 340.00 with a standard deviation of 80.00.
Using the ten sample-mean values, estimate the mean of the population and the variance of x .
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A company has set a goal of developing a battery that lasts over 5 hours in continuous use in a sample of 42 of these batteries the mean life time was 306.25 hours with a standard deviation of 29.31
A major study examined the relationship between cause of death (heart attack, cancer, stroke, accident, etc.) and age. A good way to graphically represent the relationship is with
If the sample standard deviation of the sample was $630 also the sample size was 50. Findout the 90% confidence interval of true mean.
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