Save All Answers Close Window Save and Submlt Question 1 2.5 points Saved You pl

Question

Save All Answers Close Window Save and Submlt Question 1 2.5 points Saved You plan to purchase dental insurance for your three remaining years in insurance makes a one-time payment of $1900 in case of a major dental repair (such as an implant) or $280 in case of a minor repair (such as a cavity). If you don't need dental repair over the next 3 years, the insurance expires and you receive no payout. You estimate the chances of requiring a major repair over the next 3 years as 3%, a minor repair as 66% and no repair as school. The 31% Why is X = payout of dental insurance a random variable? The probability of needing major, minor, or no dental repair over the next 3 years varies. 0 The value of the payout depends on whether you will need major, minor, or no dental repair over the next 3 years. The probability of needing major, minor, or no dental repair over the next 3 years is estimated O The amount of the payout for major, minor, or no dental repair varies over the next 3 years

Explanation / Answer

Answer is The value of the payout i.e X depends on whether you will need minor, major or no dental repair over the next 3 years ( option 2)

As a random variable is variable whose value is unknown and here value of payout is random and depends on whether you will need minor, major or no dental repair over the next 3 years

Related Questions

Navigate

• Browse (All)
• Browse S
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.