Answer:
1. The expected pay-out on each policy is 250 * 1/90 + 12000 * 1/100 + 17000 * 1/400 = $165. So that's what the premium would have to be in order to get a profit of 0.
2. The profit per policy is the premium the company receives minus the expected payout = 350 - 165 = $185.
3. The expected profit on 375 policies would be 375 * 185 = $69375
Step-by-step explanation:
Answer:
-24 2/7
Step-by-step explanation:
-180 4/7 -166 2/7
-180 -166 = -24
4/7-2/7 = 2/7
-24 2/7
Answer:
$3600
Step-by-step explanation:
In each case, the repair cost exceeded the deductible, so your out-of-pocket cost for 2 repairs is ...
2 × $1050 = $2100
In addition, you had to pay the premium of $750 per 6-month period, or $1500 per year, so your total was ...
$2100 +1500 = $3600 . . . out-of-pocket total
To find this we need to subtract July rainfall (8.35) and Octobers rainfall (3.87) which equals 4.48.
What is the theoretical probability of 5 students from your school being selected as contestants out of 10 possible contestant spots?
17.9%
