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Math Help - Need help on a couple of questions!

  1. #1
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    Need help on a couple of questions!

    1)Two integers {1, 2, 6, 7, 9} are chosen at random without replacement. Let X denote the sum of the two integers.
    Obtain the probability distribution of X.

    2) An insurance policy pays $800 for the loss due to theft of a canoe. If the probability of theft is assessed to be .05, find the expected payment. If the company charges $50 for the policy, what is the expected profit per policy?


    3)GESCO Insurance Company charges a $350 premium per annum for a $100,000 life insurance policy for a 40‐year‐old
    female. The probability that a 40‐year‐old female will die within 1 year is .002.


    -Find the mean when x be a random variable that denotes the gain of the company for next year from a $100,000 life insurance policy
    sold to a 40‐year‐old female.
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  2. #2
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    Quote Originally Posted by mattch View Post
    1)Two integers {1, 2, 6, 7, 9} are chosen at random without replacement. Let X denote the sum of the two integers.
    Obtain the probability distribution of X.

    2) An insurance policy pays $800 for the loss due to theft of a canoe. If the probability of theft is assessed to be .05, find the expected payment. If the company charges $50 for the policy, what is the expected profit per policy?


    3)GESCO Insurance Company charges a $350 premium per annum for a $100,000 life insurance policy for a 40‐year‐old
    female. The probability that a 40‐year‐old female will die within 1 year is .002.


    -Find the mean when x be a random variable that denotes the gain of the company for next year from a $100,000 life insurance policy
    sold to a 40‐year‐old female.
    1) Where are you stuck? To get a sum of 3 you can choose (1, 2) or (2,1 ). Therefore Pr(sum = 3) = 2 (1/5)(1/4) etc.

    2) and 3) Where are you stuck? Apply the definition of expected value.

    If you need more help, please show what you have tried and say where you are stuck?
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  3. #3
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    Quote Originally Posted by mr fantastic View Post
    1) Where are you stuck? To get a sum of 3 you can choose (1, 2) or (2,1 ). Therefore Pr(sum = 3) = 2 (1/5)(1/4) etc.

    2) and 3) Where are you stuck? Apply the definition of expected value.

    If you need more help, please show what you have tried and say where you are stuck?
    For 2) and 3) I'm just not sure even where to start. I'm not sure of what expected value means.

    I've done a couple other questions from the same set, but they had examples in my textbook. These questions didn't have any examples.
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  4. #4
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    Quote Originally Posted by mattch View Post
    For 2) and 3) I'm just not sure even where to start. I'm not sure of what expected value means.

    I've done a couple other questions from the same set, but they had examples in my textbook. These questions didn't have any examples.
    Rote learning based on examples will not take you very far. I will do Q2:

    (-750)(0.05) + (50)(0.95).

    Your job is to understand where the numbers have come from (and to do the arithmetic).
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