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Suppose you work for an insurance company, and you sell an $120,000 fire insurance policy at an annual premium of $1250. Experience has shown that: The probability of total loss (due to fire) to a house in that area and of the size of your customer's house is .001 (in which case the insurance company will pay the full $120,000 to your customer). The probability of 50% damage (due to fire) to a house in that area and of the size of your customer's house is .003 (in which case the insurance company will pay only $60,000 to your customer). (For simplicity, we ignore any other partial losses.) (a) Write down the probability distribution of X, the insurance company's annual gain from such a policy (i.e., the amount of money made by the insurance company from such a policy). (b) What is the mean (expected) annual gain for a policy of this type? (c) What should be the annual premium (instead of $1250) if the company wants to increase the expected gain from a policy of this type by 10%?
In ANOVA, what does F=1 mean? What are the differences between a two sample t-test and ANOVA hypothesis testing? When would you use ANOVA at your place of employment, in your education, or in politics?
Find the probability that all 3 ignition systems are good.d- which is better: the answer from part (b) or the answer from part (c)? why?
Our customers expect a call to be completed in 22 minutes. Using the data above, does either of our call centers meet this expectation with an alpha level of 0.05?
Solve using the quadratic formula: Radicands must be enclosed within
Use the normal distribution to approximate the following probability: According to the most recent Davenport student profile, 47% of students have children under 17 living at home with them.
Sample is found to have a mean of 80.6,a standard deviation of 1.4 test the claim that the true mean of this process is different than 80. use 10% level of significance.
Should we thus conclude that verbal praise tends to lower performance levels, whereas verbal criticism tends to raise them? Or is some other explanation possible?
How many independent network servers would be needed if each has 99 percent reliability? (b) If each has 90 percent reliability?
Researchers at the Cornell University Food and Brand Lab conducted an experiment at a fitness camp for adolescents (Wansink & van Ittersum, 2003).
Find (i) the percentage of batteries with a life time of at least 470 hours (ii) the proportion of batteries with life time between 385 and 415 hours. (iii) the minimum life of the best 5% of batteries.
If two events are collectively exhaustive, what is the probability that both occur at the same time?
Dertermine the probability that a male is a Major or a Colonel?
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