Does anyone know how to solve this problem? I spend 30 minutes on it and I still get the wrong answer..
Joe purchases insurance against loss from hurricanes.
X is number of payment, which payment is at least $5000.
Y is number of hurricane within one year.
x{0,1,2,3}
y{0,1,2,3}
f(x.y)=c(x+2y)
X is less or equal than Y
The question is to find the expected value which payment is less than $5000
my answer is .56. I got c for 1/50, then E(less than $5000)=1*(2/50)"when prob of xy is 01"+2*(4/50)"when prob of xy is 02"+3*(6/50)"when prob of xy is 03"..
Joe purchases insurance against loss from hurricanes.
X is number of payment, which payment is at least $5000.
Y is number of hurricane within one year.
x{0,1,2,3}
y{0,1,2,3}
f(x.y)=c(x+2y)
X is less or equal than Y
The question is to find the expected value which payment is less than $5000
my answer is .56. I got c for 1/50, then E(less than $5000)=1*(2/50)"when prob of xy is 01"+2*(4/50)"when prob of xy is 02"+3*(6/50)"when prob of xy is 03"..
Expected Value
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