Find the probability, Find the probability that the amount

Find the probability

Assignment Help Basic Statistics

Reference no: EM131167160

Claims arrive at random times to an insurance company. The daily amount of claims is normally distributed with mean $1570 and standard deviation $450. Total claims on different days each have this distribution, and they are probabilistically independent of one another.

a. Find the probability that the amount of total claims over a period of 100 days is at least $150,000.

b. If the company receives premiums totaling $165,000, find the probability that the company will net at least $10,000 for the 100-day period.

Reference no: EM131167160

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