Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Hi, I'm blocking at this exercise, can someone please help me solve it or explain what needs to be done, thank you! An appliance company

Hi, I'm blocking at this exercise, can someone please help me solve it or explain what needs to be done, thank you!

An appliance company offers insurance for breakage. Insurance costs $ 60 per contract. If the customer cancels their contract, the cost to the company is $ 300 ($ 360 fee - $ 60 received from the customer). According to statistics, the probability that a customer cancels their contract is 0.10. Y represents the company's total gain, when it insures 9 customers who bought new appliances.

Determine the standard deviation of Y.

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Survey of Accounting

Authors: Carl S. Warren

7th edition

1285974360, 1285183487, 9781285974361, 978-1285183480

Students also viewed these Mathematics questions

Question

What would a learning percentage of 120 percent imply?

Answered: 1 week ago