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An insurance company insures a person's antique coin collection worth $30,000 for an annual premium of $200. The company figures that the...
1. An insurance company insures a person's antique coin collection worth $30,000 for an annual premium of $200. The company figures that the probability of the collection being stolen is 0.0014.
A. What will be the company's expected profit on this policy?
B. What will be the company's break-even price?( the price a company should Charge if the wanted to make zero profit or loss).
2. You are taking a 15 question multiple choice quiz and each question has 5 options (a,b,c,d,e) and you randomly guess every question.
A. How many questions do you expect to answer correctly on average?
B. What is the probability that you get every question correct?
C. What is the probability that you get every question incorrect?
