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Hi I can you please add the formula used to obtain the information(intervals and payment after trials) on excel. U I. I. 6. The Statewide
Hi I can you please add the formula used to obtain the information(intervals and payment after trials) on excel.
U I. I. 6. The Statewide Auto Insurance Company developed the following probability distribution for automobile collision claims paid during the past year: Payment($) Probability 0 0.83 500 0.06 1,000 0.05 2,000 0.02 5,000 0.02 8,000 0.01 10,000 0.01 a. Set up intervals of random numbers that can be used to generate automobile collision claim payments. Chapter 1 2 Simulation 1). Using the rst 20 random numbers in column 4 of Table 12.2, simulate the payments for 20 policyholders. How many claims are paid and what is the total amount paid to the policyholders?Step by Step Solution
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