Chapter 11: Problem 18
Use the formula for \({ }_{n} C_{r}\) to evaluate each expression. \({ }_{6} C_{0}\)
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Chapter 11: Problem 18
Use the formula for \({ }_{n} C_{r}\) to evaluate each expression. \({ }_{6} C_{0}\)
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The tables in Exercises 3-4 show claims and their probabilities for an insurance company. a. Calculate the expected value and describe what this means in practical terms. b. How much should the company charge as an average premium so that it breaks even on its claim costs? c. How much should the company charge to make a profit of \(\$ 50\) per policy? PROBABILITIES FOR HOMEOWNERS' INSURANCE CLAIMS $$ \begin{array}{|c|c|} \hline \begin{array}{c} \text { Amount of Claim (to the } \\ \text { nearest } \$ \mathbf{\$ 5 0 , 0 0 0 )} \end{array} & \text { Probability } \\ \hline \$ 0 & 0.65 \\ \hline \$ 50,000 & 0.20 \\ \hline \$ 100,000 & 0.10 \\ \hline \$ 150,000 & 0.03 \\ \hline \$ 200,000 & 0.01 \\ \hline \$ 250,000 & 0.01 \\ \hline \end{array} $$
Make Sense? Determine whether each statement makes sense or does not make sense, and explain your reasoning. If the probability of being hospitalized during a year is \(0.1\), find the probability that no one in a family of five will be hospitalized in a year.
License plates in a particular state display two letters followed by three numbers, such as AT- 887 or BB-013. How many different license plates can be manufactured for this state?
Make Sense? Determine whether each statement makes sense or does not make sense, and explain your reasoning. In a group of five men and five women, the probability of randomly selecting a man is \(\frac{1}{2}\), so if I select two people from the group, the probability that both are men is \(\frac{1}{2} \cdot \frac{1}{2}\).
Make Sense? Determine whether each statement makes sense or does not make sense, and explain your reasoning. My expected value in a state lottery game is \(\$ 7.50\).
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