Statistic Question 2
QUESTION TWO
An insurance company takes a keen interest in the age at which a person is insured. Consequently a survey conducted on prospective clients indicated that for clients having the same age the probability that they will be alive in 30 years’ time (2) ⁄3. This probability was established using the actuarial tables. If a sample of 5 people was insured now, find the probability of having the following possible outcomes in 30 years
a) All are alive
b) At least 3 are alive
c) At most one is alive
d) None is alive
e) At least 1 is alive
f) Differentiate between Poisson and binomial probability distribution
Elaborate the properties of the normal distribution
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