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A certain product has a failure time of T. The approximating discrete random variable T has a constant hazard function 𝜆(k) = 0.3. (In other words, there is a 30% chance that the product will fail each year, given that it was still working at the beginning of the year.) An insurer agrees to pay 100 at the end of the year of failure should the product fail within 2 years. In return it collects a premium of 40 now and a second premium of 20 at time 1, if failure did not occur in the first year. The interest rate is 25%.
(a) Find E(L), Var(L), Var(1L).
(b) Find the probability that, for a given contract, the premiums collected will be sufficient to pay the benefits.
In 2009, the average fee paid by H&R Block tax preparation customers was $187. Assume that the standard deviation of fees was $60 but that we have no idea regarding the shape of the population distribution.
In the following example, why would Chebyshev's Theorem be used instead of the Empirical Rule?
a skeptical paranormal researcher claims that the porportion of americans that have seen a ufo p is less than 4 in
A researcher wants to know if elderly people who own dogs are equally as likely to pay visits to their doctors than those who do not own dogs.
On a recent prostate cancer screening test, Dale received positive results. It is known that this typescreening test will show 99% positive for people who have cancer
a randomized trial is conducted to evaluate the efficacy of a new cholesterol lowering medication. the primary outcome
Dating In Chances- Risks and Odds in Everyday Life, James Burke claims that about 70 percent of all single men would welcome a woman taking the initiative in asking for a date. A random sample of 20 single men was asked if they would welcome the woma..
an instant lottery game gives you probability 0.017 of winning on any one play. plays are independent of each other.if
take 3 arrays as input: one containing the student responses, the second containing the answer key, and the third containing the scores for the questions,
joey starts a paper route at age 15 and saves 15 each month in an annuity that pays 6.9. he continues this habit until
Calculate correlation coefficient for data below. Compute the equation for regression line if n=7, Ex=69, Ey=528 Exy=4754 and Ex^2=825
Calculate the probability of a value between 75.0 and 90.Calculate the probability of a value of 75.0 and less.
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