5.4 yards for each dress. This number lies between 5 and 6
There are 1000 possible outcomes (from 000 to 999).
Then, the probability of winning is: 1/1000 = 0.001
And the probability of losing is: 999/1000 = 0.999
The net profit is computed as follows:
net profit = winning prize - cost to play
net profit = $394.46 - $1.35
net profit = $393.11
The expected value is computed as follows:
E = probability of winning*net profit - probability of losing*cost to play
E = 0.001*$393.11 - 0.999*$1.35
E = -$0.96
Answer:
4 monetary units
Step-by-step explanation:
In a Poisson distribution, the expected value of the distribution is the same as the mean:
The expected number of warranty claims is 4.
Since each claim results in a payment of 1, the expected value paid by the insurer is:
The expected total payment on warranty claims is 4 monetary units.
Answer:
c
Step-by-step explanation: