Mathematics, 17.12.2021 07:40, Bryson2148

Based on historical data, an insurance company estimates that a particular customer has a 3.8% likelihood of having an accident in the next year, with the average insurance payout being $1700. The company charges each customer an annual premium of $220. a. Complete the following probability distribution for one insurance policy from the company's point of view.

Event Payout Probability
The customer has an accident in the next year. $
The customer does not have an accident in the next year. $

b. What is the expected payout for the insurance company per policy? Round your answer to the nearest cent
c. What is the company's expected value of this insurance policy? Round your answer to the nearest cent.

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Based on historical data, an insurance company estimates that a particular customer has a 3.8% likel...