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Probability

Note that answers are given. Please show the workings to arrive at the answers.

An auditor for an insurance company in Alberta reports 40 percent of the policyholders 55 years or older submit a claim during the year. 15 policyholders are randomly selected for company records

a) how many of the policyholders would you expect to have a filed a claim within the last year? Ans; 6
b) What is the probability that 10 of the selected policyholders submitted a claim last year? Ans: 0.0245
c) What is the probability that 10 or more of the selected policyholders submitted a claim last year? Ans: 0.0338
d) What is the probability that less than six of the selected policyholders submitted a claim last year? Ans: 0.4032

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Update:

The formula I have used is the same as what you have given. For example, in Part (b), I have calculated 15C10 directly

using calculator as 3003. Instead, you can do 15C10 = 15! / 10! (15 - 10)! = 3003.

Also, I have used x instead of k. That's ...

Solution Summary

The Solution contains correct answers with working shown.

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