omework: Chapter 14 core: 025 of 1pt 7 of 11 (11 complete)v HW Score: 93 18%, 10

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omework: Chapter 14 core: 025 of 1pt 7 of 11 (11 complete)v HW Score: 93 18%, 10 25 of 11 14.1.32 E Question Help they sufer a má An insurance policy costs $140 and will pay policyholders $9,000 if they suffer a major injury (resulting in hospitalization) or $4000 in kost time from work) The company estimates that 1 in every 2018 polkcyholders will sufer a major a) Create a probability model for the profit on a policy b) What's the company's expected profit on the policy? c) What's the standard deviation? a) First find the probability and profit for each outcome Proit Plevent) no injury major injury minor injury Round to six decimal places as needed) Enter your answer in the edil fields and then click Check Answer

Explanation / Answer

P(event ) profit

-8860 0.000496

-3860 0.001855

140 0.997649

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