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Claim Payment Probability
0 0.74
1000 0.10
2500 0.07
10000 0.05
20000 0.03
100000 0.01
a. What is the expected claim payment made per customer in a year?
b. What is the probability that a randomly selected customer receives exactly the expected claim payment you calculated above in "a"?
c. What is the (sample) standard deviation of the claim payments made per customer in a year?
d. If the insurance company charges a $2500 premium to each customer, each year, then what amount does the insurance company make/lose per customer, each year? In a sentence or two, explain why the customers might be willing to pay the $2500 premium, given your calculations.
a. Give the null and alternative hypotheses. b. What is the value of P?
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Use technology to find the exact p value associated with this hypothesis test.
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