Explain how an insurance company can pay a large benefit even if it hasn’t collected that amount from an individual’s premiums.
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Answer:
The probability is
Step-by-step explanation:
The game of roulette wheel consists in spinning a wheel with 38 slots : 18 red, 18 black and 2 green.
If we suppose that the roulette is a fair roulette, then each slot has an equal chance of capturing the ball and given that the ball lands in a red, black or green slot this event doesn't give us information about the following spin. Meaning that exists independence between each spin of the roulette wheel.
In our exercise, we spin the roulette wheel 3 consecutive times and each time the ball lands in a red slot. This doesn't give us information about the fourth spin (because of the independence).
Given that each slot has an equal chance of capturing the ball we can calculate the probability of the ball landing on a red slot on the next spin as :
We divide the favourable cases (18 red slots) by the total cases (38 slots) in order to calculate the probability.
The probability is