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23 -Under a group insurance policy, an insurer agrees to pay 100% of the medical bills incurred during the last year by employees of a
23 -Under a group insurance policy, an insurer agrees to pay 100% of the medical bills incurred during the last year by employees of a small company, up to a maximum total of one million dollars. The total amount of bills incurred, X, has probability density function
f(x)=(x(4x))/9 for2 , where x is measured in millions. Calculate the total amount, in millions of dollars, the insurer would expect to pay under this policy.
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