Chapter 11: Problem 24
A coin is tossed and a die is rolled. Find the probability of getting a tail and a number less than 5 .
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Chapter 11: Problem 24
A coin is tossed and a die is rolled. Find the probability of getting a tail and a number less than 5 .
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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 MEDICAL INSURANCE CLAIMS $$ \begin{array}{|c|c|} \hline \begin{array}{c} \text { Amount of Claim (to the } \\ \text { nearest } \mathbf{\$ 2 0 , 0 0 0 )} \end{array} & \text { Probability } \\ \hline \$ 0 & 0.70 \\ \hline \$ 20,000 & 0.20 \\ \hline \$ 40,000 & 0.06 \\ \hline \$ 60,000 & 0.02 \\ \hline \$ 80,000 & 0.01 \\ \hline \$ 100,000 & 0.01 \\ \hline \end{array} $$
A 25 -year-old can purchase a one-year life insurance policy for \(\$ 10,000\) at a cost of \(\$ 100\). Past history indicates that the probability of a person dying at age 25 is \(0.002\). Determine the company's expected gain per policy.
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 \(\frac{1}{2} \cdot \frac{1}{2}\).
A car model comes in nine colors, with or without air conditioning, with or without a sun roof, with or without automatic transmission, and with or without antilock brakes. In how many ways can the car be ordered with regard to these options?
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?
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