Good evening, I'm working on my homework, but since I'm not really sure about what I have done, I want somebody to check it for me.
Thank you!
The problem is here :
1. You run accident insurance. Have 3 types of clients: athletes, clerks, and workers. The proportion in the portfolio is MM% athletes, DD% workers and the rest is clerks. The probability of an accident during a year is 0.1 for athletes, 0.05 for workers, and 0.02 for clerks.
a. What is the probability that a randomly chosen policyholder will suffer an accident?
b. Policy-holder suffered an accident. What is the probability, that he was an athlete?
c. Policy-holder did not suffer an accident. What is the probability, that he was an athlete?
2. Manager of a company is pursuing(independently) three possible contracts. She assumes that the first will be awarded probability 0.5, the second with probability 0.3, and the last with a probability of 0.4. The profits from the contracts are 100,000;60,000 and 40,000, respectively.
a. Assume total profit. Find out all the possible values and their probabilities and cumulative distribution functions.
b.Find out expected profit and its variance.
and my work will be posted as a picture below, please have a comment on it.
Thank you!
Thank you!
The problem is here :
1. You run accident insurance. Have 3 types of clients: athletes, clerks, and workers. The proportion in the portfolio is MM% athletes, DD% workers and the rest is clerks. The probability of an accident during a year is 0.1 for athletes, 0.05 for workers, and 0.02 for clerks.
a. What is the probability that a randomly chosen policyholder will suffer an accident?
b. Policy-holder suffered an accident. What is the probability, that he was an athlete?
c. Policy-holder did not suffer an accident. What is the probability, that he was an athlete?
2. Manager of a company is pursuing(independently) three possible contracts. She assumes that the first will be awarded probability 0.5, the second with probability 0.3, and the last with a probability of 0.4. The profits from the contracts are 100,000;60,000 and 40,000, respectively.
a. Assume total profit. Find out all the possible values and their probabilities and cumulative distribution functions.
b.Find out expected profit and its variance.
and my work will be posted as a picture below, please have a comment on it.
Thank you!