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An individual who has car insurance from a certain company is randomly selected. Let Y be...

An individual who has car insurance from a certain company is randomly selected. Let Y be the number of accidents for which the individual was cited during the last three years. The probability distribution of Y is

Y

0

1

2

3

P(Y)

0.65

0.20

k

0.05

a) Find the value of k.

b) Suppose an individual with Y violations incurs a surcharge of Dhm100Y2. Calculate the expected amount of the surcharge and the variance.

Math   Statistics-And-Probability   
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