(Answered) Allen amp associates write weekend trip insurance at a very

Statistics

Allen & Associates write weekend trip insurance at a very nominal charge. Records show that the probability a motorist will have an accident during the weekend and will file a claim is quite small (.0005). Suppose Alden wrote 400 policies for the forthcoming weekend. Compute the probability that exactly two claims will be filed using the equation for Poisson Probability.

Note: The symbol λ is the mean (expected value) which we used as μ = np. So λ is nothing more than the mean number of occurrences (successes = np) in a particular interval.

Get the probability that the number of claims is at least 3 from Poisson Tables.

View complete question

Statistics and Probability, Statistics

Category:- Statistics and Probability
Reference No.:- M92277753
Price:- $10

Verified Expert

Priced at $20 Now at $10, Verified Solution

Have any Question?Write your Review or question?

Related Questions in Statistics and Probability

Below are commute times and amounts of rainfall for a few

Below are commute times and amounts of rainfall for a few randomly selected dates last year. Rain (mm) Commute time (min) 3 20 0 10 1 25 9 30 15 60 12 25 Treat "Rain" as the X variable Compute the value of r for the corr ...

Income can have significant effects on peoples spending

Income can have significant effects on people's spending patterns. Research studies have revealed that consumer expenditure is influenced by various factors such as their income, gender, age and level of education. In or ...

One hundred twenty-five marine recruits participated in a

One hundred twenty-five marine recruits participated in a study to assess the benefits of a strength training program. Each recruit was given a push-up test at the beginning and end of the program. The change in number o ...

On valentines day thenbspquiet nooknbsprestaurant offers

On Valentine's Day the Quiet Nook restaurant offers a Lucky Lovers Special that could save couples money on their romantic dinners. When the waiter brings the check he also brings a scratch-off ticket that the couple ...

A researcher records the following body mass index bmi

A researcher records the following body mass index (BMI) scores for a group of participants: 29.1 1.3 (M SD). Participants who score between 26 and 30 on this scale are categorized as overweight. What proportion of parti ...

A chemical company is interviewing two people to become its

A chemical company is interviewing two people to become its risk manager. One has a background of management positions chemical refineries. The other has a background providing risk management consulting services to depa ...

Most graduate schools of business require applicants for

Most graduate schools of business require applicants for admission to take the GMAT, the Graduate Management Admission Test. Scores on the GMAT are roughly normally distribute with a mean of 527 and a standard deviation ...

A bullying prevention program is underway in the phoenix

A bullying prevention program is underway in the phoenix school districts. The researchers ran multiple analyses with the baseline data. The researchers want to determine if there is a relationship between age (13, 14, 1 ...

A random sample ofnbsp19nbspcollegenbspmens basketball

A random sample of 19 college? men's basketball games during the last season had an average attendance of 5,046 with a sample standard deviation of 1,753. a. Construct a 99?% confidence interval to estimate the average ...

Sixty-seven percent of adults have looked at their credit

Sixty-seven percent of adults have looked at their credit score in the past six months. If you select 31 customers, what is the probability that at least 20 of them have looked at their score in the past six months?

4,153,160 Questions Asked
13,132 Experts
2,558,936 Questions Answered

Ask Experts for help!!

Looking for Assignment Help?

Start excelling in your Courses, Get help with Assignment

Write us your full requirement for evaluation and you will receive response within 20 minutes turnaround time.

Ask Now Help with Problems, Get a Best Answer

Recent Questions

Ask Statistics and Probability Expert