2. 1. An insurance company sold 10,000 policies ($100,000 payout value) this yea
ID: 3059239 • Letter: 2
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2. 1. An insurance company sold 10,000 policies ($100,000 payout value) this year. The probability of death for each person has been determined to be.0014. The company charges $170 for each policy. Use the Poisson approximation to determine the following: You must write out probability notation [like P(X probability numeric answer in the second. 4)or P(X S 6)] in the first box and your final a) P(The company breaks even) Final Answer Probability Notation b) P(The company profits $300,000 or more) inal Answer Notation c) P(The company loses $200,000 or more) Final Answer Prob. NotationExplanation / Answer
2. 1. An insurance company sold 10,000 policies ($100,000 payout value) this year. The probability of death for each person has been determined to be.0014. The company charges $170 for each policy. Use the Poisson approximation to determine the following: You must write out probability notation [like P(X probability numeric answer in the second. 4)or P(X S 6)] in the first box and your final a) P(The company breaks even) Final Answer Probability Notation b) P(The company profits $300,000 or more) inal Answer Notation c) P(The company loses $200,000 or more) Final Answer Prob. Notation
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