An automobile insurance company divides customers into three risk categories: Good (G), Medium (M), and Poor (P). Assume the following distribution of customers: 70% are Good risks, 20% are Medium risks, and 10% are Poor risks. Assume that the probabilities of a customer filing an accident claim (C) in the course of a year are: 0.5% for Good, 1% for Medium, and 2.5% for Poor. A customer is chosen at random.
a) What is the probability that the customer is a good risk and has filed a claim?b) What is the probability that the customer has filed a claim?c) Given that the customer has filed a claim, what is the probability that the customer is a good risk?

Answers

Answer 1

Answer:

a) 0.035 = 3.5% probability that a customer is a good risk and has filed a claim.

b) 0.0395 = 3.95% probability that the customer has filed a claim.

c) 0.8861 = 88.61% probability that the customer is a good risk

Step-by-step explanation:

Conditional Probability

We use the conditional probability formula to solve this question. It is

[tex]P(B|A) = \frac{P(A \cap B)}{P(A)}[/tex]

In which

P(B|A) is the probability of event B happening, given that A happened.

[tex]P(A \cap B)[/tex] is the probability of both A and B happening.

P(A) is the probability of A happening.

a) What is the probability that the customer is a good risk and has filed a claim?

70% are good risks.

Of those, 0.5% file a claim. So

[tex]0.7*0.05 = 0.035[/tex]

0.035 = 3.5% probability that a customer is a good risk and has filed a claim.

b) What is the probability that the customer has filed a claim?

0.5% of 70%(good risks)

1% of 20%(medium risks)

2.5% of 10%(poor risks). So

[tex]0.05*0.7 + 0.01*0.2 + 0.025*0.1 = 0.0395[/tex]

0.0395 = 3.95% probability that the customer has filed a claim.

c) Given that the customer has filed a claim, what is the probability that the customer is a good risk?

0.0395 = 3.95% probability that the customer has filed a claim means that [tex]P(A) = 0.0395[/tex]

0.035 = 3.5% probability that a customer is a good risk and has filed a claim means that [tex]P(A \cap B) = 0.035[/tex]

Thus

[tex]P(B|A) = \frac{P(A \cap B)}{P(A)} = \frac{0.035}{0.0395} = 0.8861[/tex]

0.8861 = 88.61% probability that the customer is a good risk


Related Questions

A jar contains 6 red marbles numbered 1 to 6 and 4 blue marbles numbered 1 through 4. A marble is drawn at random from the jar. Find the probability of the given event as a simplified fraction.

A. The marble is red
b. The marble is odd-numbered
c. The marble is red and odd-numbered

Answers

A Can you help me with these questions

The annual per capita consumption of bottled water was 32.6 gallons. Assume that the per capita consumption of bottled water is approximately normally distributed with a mean of 32.6 and a standard deviation of 12 gallons. The probability that someone consumed more than 33 gallons of bottled water is?

Answers

Answer:

0.4867

Step-by-step explanation:

Given an approximately normal distribution:

Z = (x - mean) / standard deviation

Mean = 32.6 ; Standard deviation = 12

For :

P(x > 33)

Z = (33 - 32.6) / 12

Z = 0.4 / 12

Z = 0.0333

Hence, using the Z distribution table :

P(Z > 0.0333) = 1 - P(Z < 0.333)

P(Z > 0.0333) = 1 - 0.51328

P(Z > 0.0333) = 0.48672

Wat is the average between 1,000, 2300,1000,2600

Answers

Answer:

1180.2

Step-by-step explanation:

The average of 1,000,2300,1000,2600 is 1180.2

What is the area of the following picture ( HELP PLEASE )

Answers

Answer:

area=l*b

10*8

80#

Step-by-step explanation:

hope you like it

Determine if 0.949449444944449444449 rational or irrational and give a reason for answer. ​

Answers

Answer:

irrational if it's more after this number but if it stops at the last 9 then it's a rational number

hope this helps

have a good day :)

Step-by-step explanation:

This is irrational if it's more after this number but,

If it stops at the last 9 then it's a rational number.

We have given that,

0.949449444944449444449.

What is the meaning of irrational numbers?

An irrational number, any real number that cannot be expressed as the quotient of two integers.

We have to determine rational or irrational.

irrational if it's more after this number but.

If it stops at the last 9 then it's a rational number.

To learn more about the numbers visit:

https://brainly.com/question/251701

PLEASE TELL ME THE VALUE

Answers

Answer:

Hello! answer: there are 7 quarters which are worth 25 cents each 6 dimes which are worth 10 cents each

there are 5 nickels which are worth 5 cents each and there are 8 pennies which are worth 1 cent each

the total value off all of these together is $2.68

Can someone please help?

Answers

Answer:

The last one: 25%

Step-by-step explanation:

Answer:

25% because 25 is 1/4 of 100

Step-by-step explanation:

An expression is shown. Which one of the expressions below is equivalent?

Answers

Answer:

C

Step-by-step explanation:

HELP MEEE

What is the probability of spinning a blue on
the above spinner and flipping heads?

Answers

There are eight different sections of the circle and there are three that are blue, the probability of spinning on blue is 3/8

If you are only flipping the coin once, it will be a 1/2 probability of flipping heads as there are only two sides to a coin.

If f(x) = 3x + 2 and g(x) = 2x - 2, what is (f - g)(x)?
A. x + 4
B. X-2
O c.
Х
OD.
5x-2
O E.
X-4

Answers

Answer:

option A

Step-by-step explanation:

f(x) = 3x + 2

g(x) = 2x - 2

(f - g)(x) = f(x) - g(x)

           = (3x + 2) - (2x - 2)

           =3x + 2 - 2x + 2

           = x + 4

The value of function (f - g)(x) is,

⇒ (f - g)(x) = x + 4

What is mean by Function?

A relation between a set of inputs having one output each is called a function. and an expression, rule, or law that defines a relationship between one variable (the independent variable) and another variable (the dependent variable).

Given that;

Function are,

f(x) = 3x + 2 and g(x) = 2x - 2

Hence, The value of function (f - g)(x) is,

⇒ (f - g)(x) = (3x + 2) - (2x - 2)

⇒ (f - g)(x) = 3x + 2 - 2x + 2

⇒ (f - g)(x) = x + 4

Thus, The value of function (f - g)(x) is,

⇒ (f - g)(x) = x + 4

Learn more about the function visit:

https://brainly.com/question/11624077

#SPJ7

Find the volume of this solid figure. Use π = 3.14.

WITH SOLUTION PLEASE AND NO LINKS!​

Answers

Answer:

180

Step-by-step explanation:

volume= (6*5)/2*12 =180 in

what is the value of x?

Answers

the answer is 35 I did a lot of work I can't show you here

Helaine graphed the equation 12x−4y=3. What was the slope of Helaine’s line?

Answers

Answer:

The slope is 3

Step-by-step explanation:

12x−4y=3

Solve for y

Subtract 12x from each side

-12x +12x−4y=-12x+3

-4y = 12x+3

Divide each side by -4

-4y/-4 = -12x / -4 +3/-4

y = 3x -3/4

This is in slope intercept form

y = mx+b where m is the slope and b is the y intercept

The slope is 3

Answer:

The slope is 3

Step-by-step explanation:

12x−4y=3

Solve for y

Subtract 12x from each side

-12x +12x−4y=-12x+3

-4y = 12x+3

Divide each side by -4

-4y/-4 = -12x / -4 +3/-4

y = 3x -3/4

This is in slope intercept form

y = mx+b where m is the slope and b is the y intercept

The slope is 3

The base length of a triangle is 4 feet and the height is 2 feet. What is the area of the triangle? (5 points) a 2 square feet b 4 square feet c 6 square feet d 8 square feet

Answers

Answer:

B. 4 square feet

Step-by-step explanation:

The formula for area of a triangle is length x height / 2 so 4 x 2 is 8 then divided by 2 is 4.

Answer: 4

Base 4

hight 2

4x2=8 ÷ 2 or 1/2 Equals 4

Formula L x W ÷ 2 or 1/2

Can someone please help, ty!
Will mark brainliest!

Answers

Answer:

The first and third set

Step-by-step explanation:

Because no two inputs can have different outputs

Answer: The first and third Equations

Explanations:

By what percent will a fraction decrease if its numerator is decreased by 40% and its denominator is decreased by 25%?

Answers

Answer: 80%

Step-by-step explanation:

Hence, if the numerator is decreased by 40% and the denominator is decreased by 25%, the original fraction is decreased by 80 percent.

A manufacturer of liquid laundry detergent has a .02 probability that the detergent bottles will be improperly filled. (Either too much or too little detergent.) There is a .03 probability that the label on the bottle will not be affixed properly. If the events of bottle fill and affixing the label are independent, then the probability of a bottle being filled improperly and having an improperly affixed label is

Answers

Answer:

0.0006

Step-by-step explanation:

The probability is

Given that

A denotes the bottle being filled improperly

And,  

B denotes the label on the bottle will not be affixed properly

So,

P(A) = 0.02 ,

ANd, P(B) = 0.03

Also that A and B are independent events.

So, by property of independence is

P(A \cap B) = P(A and B) = P(A) P(B)

= P(A and B) =P(A)P(B)

= 0.02 × 0.03

= 0.0006

Josh says that -5/4 has the same quotient as 5/-4 Is this true or false?
True
False

Answers

the answer to this is true
Trueeeeeeeeeeeeeeeeeee

the equation s=2√5x can be used to estimate the speed ,s,of a car in milles per hour, given the length in feet ,x, of the tire marks it leaves on the ground .A card travelling 90 miles per hour came to a sudden stop according to the equation ,how long would the tire marks be for this car A 355 feet B 380 feet C 405 feet D 430 feet

Answers

Answer:

405 feet

Step-by-step explanation:

s = 2 * (√5) * 90

s = 2 * 201.246117975

s = 402.49223595

Closest estimate

405 feet

Answer:

Since The equation that depicts the motion of the Car is given.

The speed in terms of the tire marks...

s= 2√5x

where x is the tire marks(in feet.)

s is the speed(miles per hr)

We can't use the speed in Miles per hr when the tire mark is feet.

1mile = 5280ft

90miles x 5280ft/1mile = 475,200ft/hr

Making x the subject

x= s/2√5

x= 475/200/(2√5 )

=106,257ft

I still can't see what I'm missing or You sure you didn't forget to add something else to the question?

Help pls this is 5th grade math

Answers

Answer:

2 is scalene

3 is right

4 is right

5 is equalatirel

6 is scalene

7 is isocoles

8 is equalatirel

9 is right

Step-by-step explanation:

Answer:

2: scalene

3: right

4: right

5: equilateral

6: scalene

7: isosceles

8: equilateral

9: right

Step-by-step explanation:

2: A scalene triangle has no congruent sides

3: A right triangle has a 90 degree angle

4: A right triangle has a 90 degree angle

5: An equilateral triangle has 3 congruent sides

6: A scalene triangle has no congruent sides

7: An isosceles triangle has 2 congruent sides

8: An equilateral triangle has 3 congruent sides

9: A right triangle has a 90 degree angle

Please help If using the method of completing the square to solve the quadratic equation
22 - 142 – 40 = 0, which number would have to be added to "complete the
square"?

Answers

I don’t know I suck at math sadly

Evaluate the following
6!

Answers

Answer:

Mind showing a picture?

Thank you!

Borrows 15,200 for 10 months at an annual rate of 4.55%. What is the interest owed after 10 months

Answers

the answer in the photo check it

mentioned some good points about commerce subject in grade 12??​

Answers

Answer:

You can easily be employed in the future

you can be in any profession such as bank accountant,trader, manager at business etc

Step-by-step explanation:

hope you like it

Answer:

well I like

Step-by-step explanation:

to be honest their all i don't know how to explain but their all OK i guess

Determine how many people will fit in a building with a width of 105 feet and a length of 250 feet, if we use a standard of 16 people per 25 square feet.

Answers

Answer:

16,800 people

Step-by-step explanation:

105 * 250 = 26,250

p = 26250ft² * (16 people / 25ft²)

p = 16,800 people

Answer:

16800

Step-by-step explanation:

105 x 250 = 26250 and then divide it by 25 which is 1050 then multiply by 16 which is 16800

Hope this helps!

For positive acute angles A and B it is known that tan A 15/8 and Cos B 12/37 find the value of Cos (A+b) being in simplest form

Answers

Answer:

Step-by-step explanation:

Cos(A + B) = Cos(A)*Cos(B) - Sin(A)*Sin(B)

Find The Hypotenuse of A

Tan(A) = Opposite / Adjacent

Tan(A) = 15/8

Opposite = 15

Adjacent = 8

Hypotenuse = c

c^2 = opposite^2 + Adjacent^2

c^2 = 15^2 + 8^2

c^2 = 225 + 64

c^2 = 289

sqrt(c^2) = sqrt(289)

c = 17

Find the opposite of B

Adjacent = 12

Hypotenuse = 37

Opposite = b

adjacent^2 + opposite^2 = hypotenuse^2

12^2 + b^2 = 37^2

144 + b^2 = 1369

b^2 = 1369 - 144

b^2 = 1335

b = 35

Definitions

Sin(A) = Opposite / hypotenuse = 15/17

Sin(B) = opposite / hypotenuse =  35/37

Cos(A) = 8/17

Cos(B) = 12/37

Answer

Cos(A + B) = Cos(A)*Cos(B) - Sin(A)*Sin(B)

Cos(A + B) = 8/17 * 12/37 - 15/17*35/37

Cos(A + B) = 96/629 - 525/629

Cos(A + B) = -429/629

Someone please help!

Answers

264 in. I believe. If you multiply them all
The answer is 290. The previous answer is incorrect because they calculated volume. The question asks for SURFACE AREA.

Venny Had 5 friends she ate 3 of them. The rest ran away. How much friends dose she have now?

Answers

Do you still need help

help with this question

Answers

9514 1404 393

Answer:

  A = 49π/36 or 59π/36

Step-by-step explanation:

The given angle is coterminal with the same angle modulo 2π.

  (563/36)π = 14π +(59/36)π

so the coterminal angle is 59π/36 ≈ 1.6389π, a 4th-quadrant angle. The 3rd-quadrant angle with the same sine value is found by subtracting this angle from 3π:

  A = 3π -(59π/36) = 49π/36

The two values of A that satisfy the equation are ...

A = 59π/36A = 49π/36

_____

In degrees, the two angles are 245° and 295°.

Age of each person in Kidz Zone
6
5
4
2
1
20
25
0
0 5 10 15
Number of years
In which interval is the median age?
Choose 1 answer:
0-5
5 - 10

Answers

Answer:

10-15

Step-by-step explanation:

Median is the middle of the numbers (or in this case, number sets)

The middle number set is the third.

Thus, the interval would be 10-15.

Answer: 5-10

Step-by-step explanation:

the median for 11 data points would be the sixth data point which falls into the 5 to 10 years interval

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