Insurance for an appliance costs 30 and will pay 330 if the

Reference no: EM13634875

Insurance for an appliance costs $30 and will pay $330 if the insured item breaks within 2 years. The insurance company estimates that 3% of the insured items will break within 2 years. Let X be the random variable that assigns to each outcome (item break, item does not break) the profit to the company.

1- Find The distribution of X

2- Calculate the mean value of X

3- Caculate the standard deviation of X

Reference no: EM13634875

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