Answer:
The question is about the least amount to charge each policyholder as premium
The least premium is $484
Step-by-step explanation:
The least amount of premium to charge for this policy is the sum of the expected values of outcome of both instances of policyholder dying before the age of 70 and living after the age of 70 years
expected value of dying before 70 years=payout*probability=$24,200*2%=$484
Expected of living after 70=payout*probability=$0*98%=$0
sum of expected values=$484+$0=$484
Note that payout is nil if policyholder lives beyond 70 years
The premium of $573 means that a profit of $89 is recorded
Using the binomial distribution, it is found that the mean and the standard deviation of variable x are given as follows:
<h3>What is the binomial probability distribution?</h3>
It is the probability of exactly <u>x successes on n repeated trials, with p probability</u> of a success on each trial.
The expected value of the binomial distribution is:
E(X) = np
The standard deviation of the binomial distribution is:
In this problem, we have that the parameters are given as follows:
n = 4, p = 0.75.
Hence the mean and the standard deviation are given as follows:
- E(X) = np = 4 x 0.75 = 3.
More can be learned about the binomial distribution at brainly.com/question/24863377
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Answer: See explanation
Step-by-step explanation:
1. Cost = $413
Sales percent = 6.5%
Cost of bike = $413 + (6.5% × $413)
= $413 + (0.065 × $413)
= $413 + $26.845
= $439.85
2. Cost of dishwasher = $569
Commission rate = 18%
The expression for the commission will be:
= 18% × $569
= 18/100 × $569
= 0.18($569)
Answer:
OMG what level is this???
Step-by-step explanation:
Answer:
Mean: 11.5 Median: 6
Step-by-step explanation:
For the mean find the average by adding all of the numbers up and dividing by the number of numbers in the set.
For the median arrange the numbers in order of least to greatest then find the middle number if there is two add them together and divide by two.
