What is the probability that a type one furnace is in home

Assignment Help Basic Statistics

Reference no: EM131017662

An underwriter of home insurance policies studies the problem of home fires resulting from wood-burning furnaces. Of all homes having such furnaces, 30% own a type 1 furnace, 25% a type 2 furnace, 15% a type 3, and 30% other types. Over 3 years, 5% of type 1 furnaces, 3% of type 2, 2% of type 3, and 4% of other types have resulted in fires. If a fire occurs in a particular home, what is the probability that a type 1 furnace is in the home?

Reference no: EM131017662

Questions Cloud

Identify maritime capabilities necessary to support security : The 2007 Maritime Strategy and the widely-anticipated update to that strategy. Identifies five maritime capabilities necessary to support our National Security.

Describe 4 ways that colonialism used africa and africans : How did colonialism benefit the colonizers? How did colonialism affect the colonized?

Write a research paper on islam in asia : Write a 8 page Government/ political science research paper on Islam in Asia.

Is churchill being inconsistent : Churchill delivered this speech to an American audience, but after reading it one might conclude it could have been given in any western country. Why did he pick the US?

What is the probability that a type one furnace is in home : Of all homes having such furnaces, 30% own a type 1 furnace, 25% a type 2 furnace, 15% a type 3, and 30% other types. Over 3 years, 5% of type 1 furnaces, 3% of type 2, 2% of type 3, and 4% of other types have resulted in fires. If a fire occurs i..

How school and media beliefs have or havent change over time : This is a two page paper discussing who influenced your political views growing up (parents, teachers) and what (school,media) and how those beliefs have or have not changed over time.

Calculate probability that poor-risk loan will be defaulted : It finds that 30% of defaulted loans went to poor risks, 40% to fair risks, and 30% to good risks. Of the nondefaulted loans, 10% went to poor risks, 40% to fair risks, and 50% to good risks. Use Bayes' Formula to calculate the probability that a ..

Briefly outline the risk management process : Briefly outline the risk management process - Poorly managed scope could pose serious threats to the success of a project.

What environmental labor and human rights issue are involved : Write about what environmental, labor, and/or human rights issues are involved. You may also choose a product or company or does things responsibly and write about that.

User Account

All Pages