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An insurance company charges its policy holders an annual premium of $400 for the following types of accidents:
Past records show that, each year, 1 in every 2500 policy holders experiences a "major accident"; and 1 in every 200 experiences a "minor accident". Assume that the only company expense related to this policy is the annual payout.
a. Construct a probability distribution table for X where X refers to the annual insurance company's profit for this policy, where X = Annual Premium-Annual Payout. Keep your work to a minimum of 4 decimals.
b. Compute the expected annual profit that the insurance company can expect to receive per policy holder.
The manager believes that the interactions B× C and B × E are important. Show an experimental design using an orthogonal array that can estimate these effects.
An investment portfolio has equal proportions invested in five stocks.- What are average return and standard deviation for this portfolio?
What was the primary use of statistics in ancient times?- In what ways can business statistics be useful in today's business environment?
A pharmaceutical company claims that four out of five doctors prescribe the pain medicine it produces.
a) Draw a tree diagram for all possible outcomes of the three draws.
In this the anniversary of the sinking of the Titanic, it is interesting to look at the distribution of those who survived, and those who died. The table below describes the number of men, women and children who were passengers on the Titanic.
The data are in the file Pollution. Determine whether the three pollution-control methods will produce equal results.
(a) What is the distribution of the number of failures by time t? (b) What is the distribution of the number of ?aws that remain in the system at time t? (c) Are the random variables in parts (a) and (b) dependent or independent?
in a small town the relationship between robberies and police officers on aduty has been collected. x represents the
What statistic would be applied if the independant variable is nominal and one dependant variable is nominal and one dependant variable is scale? Is this a T-test?
a die is loaded and a 6 comes up with probability 1?4. if the die is tossed twelve times find the probability thata the
The average U.S. family includes 3.17 persons.- Using a nondirectional hypothesis test and a level of significance of your choice, what conclusion would be reached?
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