State Farm Automobile Claims
Probability Question?
The Mountain States Office of State Farm Insurance Company reports that approximately 85% of all automobile damage liability claims were made by people under 25 years of age. A random sample of five automobile insurance liability claims is under study.
(a) Make a histogram showing the probabilities that r = 0 to 5 claims are made by people under 25 years of age.
(b) Find the mean and standard deviation of this probability distribution. For samples of size 5, what is the expected number of claims made by people under 25 years of age?
a) probability distribution:
X P(X)
00.00007594
10.00215156
20.02438438
30.13817813
40.39150469
50.44370531
b)
μ = pn = 4.250000
and σ = √(pqn) = 0.7984360
expected number = μ = 4.250000
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