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Daniel-James Insurance company will ensure an offshore Mobil Oil production platform against weather losses for one year. The president of Daniel-James estimates the following losses for that platform(in millions of dollars) with the accompanying probabilities:
Amount of Loss(in millions of dollars)
Probability
0
0.98
40
0.016
300
0.004
Question A: What is the expected amount Daniel james will have to pay to mobil in claims?
Question B: What is the likelihood that Daniel james will actually lose less than the expected amount?
Question C: Given that Daniel james suffers a loss, what is the likelihood that it is over 300 million?
Question D: Daniel james has set the annual premium at 2.0 million. does that seem like a fair premium? will it cover its risks?
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Using the information from above, what is the probability that fewer than 45 of the claims have been padded? Round your answer to the nearest thousandths place.
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A point estimate for the difference between the mean purchases of the users of the two credit cards is:
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