An individual who has automobile insurance from a certain company is randomly selected. Let Y be the number of mov- ing violatio
ns for which the individual was cited during the last 3 years. The pmf of Y is:
y 0 1 2 3
P(y) 0.50 0.25 0.20 0.05
a. Compute E(Y).
b. Suppose an individual with Y violations incurs a surcharge of $110Y2. Calculate the expected amount of the surcharge.
1 answer:
Answer:
a) E(y) = 0.8
b) The average subcharge is $165
Step-by-step explanation:
We are given the following distribution in the question:
y: 0 1 2 3
P(y): 0.50 0.25 0.20 0.05
a) E(y)

b) Expected value of subcharge
Subcharge =

Expected value of subcharge =

Thus, the average subcharge is $165
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