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Insurance. An insurance policy costs $100 and will pay policyholders $10,000 if they suffer a major injury (resulting in hospitalization) or $3000 if they suffer a minor injury (resulting in lost time from work). The company estimates that each year 1 in every 2000 policyholders may have a major injury, and 1 in 500 a minor injury.
a) Create a probability model for the profit on a policy.
b) What's the company s expected profit on this policy?
c) What's the standard deviation?
the information on seat belt usage by gender shown below. the proportions in the following table are based on a survey
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Compute simple main effect tests for the rationalization factor at each level of the political ideology factor. Use Tukey's HSD to analyze the significant.
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Families of size 4 spent a population mean of $360 on a visit to an amusement park, standard deviation of $50 in October 2000. Operators want to know whether families will spend more in 2001.
A farmer in Iowa owns 45 acres of land. He is going to plant each acre with wheat or corn. Each acre planted with wheat yields $200 profit, requires 3 workers, and requires 2 tons of fertilizer; each with corn yields $300 profit, requires 2 worker..
estimate the probability that a randomly selected prime-time television show will be interrupted with a news
The reported test statistic is F = 8.708. Give an approximate (from a table) or exact (from software) P-value. What do you conclude?
Suppose that a certain college class contains 60 students. Of these,are 37 freshmen, 28 are economics majors, and 10 are neither. A student is selected at random from the class. (a) What is the probability that the student is both a freshman and an..
1 the alkalinity level of water specimens collected from the han river in seoul korea has a mean of 50 milligrams per
Consider the two conditions necessary for conducting a z-test for a proportion. One is a sample size condition, and the other is a condition.
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