Under an insurance policy, a maximum of of 5 claims may be filed per year by a policy holder. Let
p(n) be the probability that a policyholder files n claims during a given year, where n= 0,1,2,3,4,5. An actuary makes the following observations:
1) p (n) >= p (n+1) for 0<=n <=4
2) the...
I know I need to use the formula, pr(AnB)/Pr(B). For this problem I believe that pr(AnB) = the probability that someone has only one car and the car is not a sports car. And then divide that by the probability that someone has only one car. but I can't seem to get those numbers. Answer key says...
Need help with a probability problem. I have the answer from the answer key, I just don't know how to figure it out.An insurance company examines its pool of auto insurance customers and gathers the following information:1) All customers insure at least one car.
2) 70% of the customers insure...