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Suppose you work for an insurance company, and you sell an $120,000 fire insurance policy at an annual premium of $1250. Experience has shown that: The probability of total loss (due to fire) to a house in that area and of the size of your customer's house is .001 (in which case the insurance company will pay the full $120,000 to your customer). The probability of 50% damage (due to fire) to a house in that area and of the size of your customer's house is .003 (in which case the insurance company will pay only $60,000 to your customer). (For simplicity, we ignore any other partial losses.) (a) Write down the probability distribution of X, the insurance company's annual gain from such a policy (i.e., the amount of money made by the insurance company from such a policy). (b) What is the mean (expected) annual gain for a policy of this type? (c) What should be the annual premium (instead of $1250) if the company wants to increase the expected gain from a policy of this type by 10%?
Apply the problem discovery sample size formula to several finite populations. How should I integrate the finite population correction factor (FPC) into this formula?
Two-liter plastic bottles used for bottling cola are shipped in lots of 100. Suppose the lots are 5 percent defective. Some bottles leak, some are too small, and so forth.
When using past data, I have found that the proportion of items rejected by quality control personnel is about 3%. We normally make 5000 items per day. For a p chart, what are the upper and lower control limits?
Describe how the confidence intervals will change depending on whether the population standard deviation is known or unknown.
The average monthly electric bill of a random sample of 256 residents of a city is $90 with a standard deviation of $24.
How would the results of this survey be used in the workplace? Briefly describe correlational research. Name a variable from this study and one from the workplace that might prove to provide a correlational relationship.
What is the probability that the first two cards dealt yields "Black Jack"?
A company produces two products that are processed on two assembly lines. Assembly line 1 has 100 available hours, and assembly line 2 has 42 available hours.
Heights of Presidents. With a height of 67 in., William McKinley was the shortest president of the past century. The presidents of the past century have a mean height of 71.5 in. and a standard deviation of 2.1 in.
Given a normal distribution of data, we know from the Empirical Rule that in between 2 standard deviations from the mean
Determine critical value if alpha = 0.05? If p-value for this test is 0.025, this p-value means?
Factor the following trinomial using the AC method
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