Question

A company prices its tornado insurance using the following assumptions: In any calendar year, there can...

A company prices its tornado insurance using the following assumptions:

  • In any calendar year, there can be at most one tornado.
  • In any calendar year, the probability of a tornado is 0.15.
  • The number of tornadoes in any calendar year is independent of the number of tornados in any other calendar year.

Using the company's assumptions, calculate the probability that there are fewer than 3 tornadoes in a 17-year period.

______________________________

Math   Statistics-And-Probability   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

Answer #1

0 0
Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
A company prices its tornado insurance using the following assumptions: In any calendar year, there can...
A company prices its tornado insurance using the following assumptions: In any calendar year, there can be at most one tornado. In any calendar year, the probability of a tornado is 0.08. The number of tornadoes in any calendar year is independent of the number of tornados in any other calendar year. Using the company's assumptions, calculate the probability that there are fewer than 3 tornadoes in a 19-year period.
A company prices its tornado insurance using the following assumptions: • In any calendar year, there...
A company prices its tornado insurance using the following assumptions: • In any calendar year, there can be at most one tornado. • In any calendar year, the probability of a tornado is 0.03. • The number of tornadoes in any calendar year is independent of the number of tornados in any other calendar year. Using the company's assumptions, calculate the probability that there are fewer than 3 tornadoes in a 14-year period.
A company prices its tornado insurance using the following assumptions: • In any calendar year, there...
A company prices its tornado insurance using the following assumptions: • In any calendar year, there can be at most one tornado. • In any calendar year, the probability of a tornado is 0.01. • The number of tornadoes in any calendar year is independent of the number of tornados in any other calendar year. Using the company's assumptions, calculate the probability that there are fewer than 2 tornadoes in a 24-year period
A company prices its tornado insurance using the following assumptions: • In any calendar year, there...
A company prices its tornado insurance using the following assumptions: • In any calendar year, there can be at most one tornado. • In any calendar year, the probability of a tornado is 0.05. • The number of tornadoes in any calendar year is independent of the number of tornados in any other calendar year. Using the company's assumptions, calculate the probability that there are fewer than 3 tornadoes in a 15-year period.
A company prices its tornado insurance using the following assumptions: • In any calendar year, there...
A company prices its tornado insurance using the following assumptions: • In any calendar year, there can be at most one tornado. • In any calendar year, the probability of a tornado is 0.08. • The number of tornadoes in any calendar year is independent of the number of tornados in any other calendar year. Using the company's assumptions, calculate the probability that there are fewer than 3 tornadoes in a 20-year period.
A company prices its tornado insurance using the following assumptions: • In any calendar year, there...
A company prices its tornado insurance using the following assumptions: • In any calendar year, there can be at most one tornado. • In any calendar year, the probability of a tornado is 0.09. • The number of tornadoes in any calendar year is independent of the number of tornados in any other calendar year. Using the company's assumptions, calculate the probability that there are fewer than 2 tornadoes in a 24-year period.
A company prices its tornado insurance using the following assumptions: • In any calendar year, there...
A company prices its tornado insurance using the following assumptions: • In any calendar year, there can be at most one tornado. • In any calendar year, the probability of a tornado is 0.08. • The number of tornadoes in any calendar year is independent of the number of tornados in any other calendar year. Using the company's assumptions, calculate the probability that there are fewer than 2 tornadoes in a 11-year period.
A company prices its tornado insurance using the following assumptions: • In any calendar year, there...
A company prices its tornado insurance using the following assumptions: • In any calendar year, there can be at most one tornado. • In any calendar year, the probability of a tornado is 0.01. • The number of tornadoes in any calendar year is independent of the number of tornados in any other calendar year. Using the company's assumptions, calculate the probability that there are fewer than 3 tornadoes in a 16-year period.
5. A company prices its tornado insurance using the following assumptions: • In any calendar year,...
5. A company prices its tornado insurance using the following assumptions: • In any calendar year, there can be at most one tornado. • In any calendar year, the probability of a tornado is 0.14. • The number of tornadoes in any calendar year is independent of the number of tornados in any other calendar year. Using the company's assumptions, calculate the probability that there are fewer than 3 tornadoes in a 10-year period.
A company prices its tornado insurance using the following assumptions: • In any calendar year, there...
A company prices its tornado insurance using the following assumptions: • In any calendar year, there can be at most one tornado. • In any calendar year, the probability of a tornado is 0.13. • The number of tornadoes in any calendar year is independent of the number of tornados in any other calendar year. Using the company's assumptions, calculate the probability that there are fewer than 3 tornadoes in a 13-year period. Hint: Use the binomial distribution with n...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT