The following table gives the number of claims at a large insurance company by k
ID: 3200151 • Letter: T
Question
The following table gives the number of claims at a large insurance company by kind and geographical region.
East South Midwest West Totals
Hospitalization 155 428 129 152 864
Physician’s Visit 333 614 304 351 1602
Outpatient Treatment 200 626 165 202 1193
Totals 688 1668 598 705 3659
A. If a bill is chosen at random, what is the probability that it is either from the East or from the West? B. If a bill is chosen at random, what is the probability that it is not for Hospitalization and from the South. C. Given that the bill is from the Midwest, what is the probability that it is for a Physician’s Visit? D. Given that the bill is not from either the East or the West, what is the probability that it is not for a Physician’s Visit?
The probability of obtaining a home equity loan from United Bank is 0.35. A random sample of 15 loan applications is selected. Use Minitab to find the following probabilities. A. Find the probability that at least five will get a loan. B. Find the probability that none will get a loan. C. Find the probability that less than three will get a loan. D. Find the probability that three or less, or more than seven will get a loan.
Please provide a typed response, thank you in advance.
Explanation / Answer
A. Total number of claims from East = 688
Total number of claims from West = 705
P(East or West) = (688/3659) + (705/3659) = 0.3807
B. Total bills not for Hospitalization and from south = 614 + 626 = 1240
P(for Hospitalization and from the South) = 1240/3659 = 0.3389
C. Total bills from midwest = 598
Total bills for physician's visit from midwest = 304
P = 304 / 598 = 0.5083
D. Total number of bills that are not from either the East or the West = 2266
Total bills for physician's visit that are not from either the East or the West = 918
P(the bill is for a Physician’s Visit, Given that the bill is not from either the East or the West) = 0.4051
P(the bill is not for a Physician’s Visit, Given that the bill is not from either the East or the West) = 1 - 0.4051 = 0.5948
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