Find expected value for amount they pay in claims, Basic Statistics

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Find expected value for amount they pay in claims

An insurance company expects 10% of its policyholders to collect claims of $400 this year and the remaining 90% to collect no claims. The variable is the amount they will pay in claims per person.

a. Use this information to fill in the following table.

Possible Outcome In Words Numerical Outcome: Probability
Amount Pay in Claims per person
- - -
- - -
- - -

b. What is the expected value for the amount they will pay in claims per person? Set up the calculation.

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Basic Statistics: Find expected value for amount they pay in claims

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Basic Statistics: Find expected value for amount they pay in claims

Reference No:- TGS097770

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Recent Questions Asked Basic Statistics

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Basic Statistics: Find expected value for amount they pay in claims

Reference No:- TGS097770

Recent Questions Asked Basic Statistics

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