Find the mean of the given probability distribution 19 The n

Find the mean of the given probability distribution. 19) The number of golf balk ordered by customers of a pm shop has the following probability distribution. Provide an appropriate response. 20) A 28-year-old man pays $181 for a one-year life insurance policy with coverage of $150,000. If the probability that he will live through the year is 0.9994, what is the expected value for the insurance policy? Find the area of the shaded region. The graph depicts the standard normal distribution with mean 0 and standard deviation 1.

Solution

mu = sum of {xp}

=0.42+1.74+3.24+1.32+1.50

= 8.22

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2) Expected value of insurance policy = either 181 payment or 150000 receipt

Prob 0.9994 0.0006

Hence prob * x = -180.8914+90 =-90.8914 =-91.00

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3) Area of shaded region = P(Z<1.13)

= 0.8708